Construction of integrated casino resort to get underway on April 23.
Construction of the $4 billion South Hoi An integrated casino resort will begin on April 23 on an area of 985 ha spanning Duy Nghia and Thang Binh districts in central Quang Nam province.
The project is invested by a joint venture between the Vietnam-focused asset management company VinaCapital and Gold Yield Enterprises. It has seven phases and is expected to be fully completed by 2035.
Construction of the first phase will be implemented on an area of 163 ha with total capital of $500 million and is expected to be finished by the first quarter of 2019 and include an 18-hole golf course, which was recently approved by the Prime Minister as part of the golf course development plan to 2020.
Once the resort opens it will be the second largest casino in Vietnam, after the Ho Tram Strip resort and casino complex in the southern province of Ba Ria Vung Tau.
Licensed in 2010, the project was initially to be developed by VinaCapital and Genting Malaysia Berhad and comprise five-star hotels, villas, and an electronic gaming facility primarily targeting foreign tourists. In September 2012, however, Genting announced its withdrawal in the midst of site clearance, forcing VinaCapital to find another partner.