Vietnam approved the construction of a casino
Vietnamese authorities approved the construction of a casino as part of the expansion of an integrated resort on Phu Quoc Island. It is noteworthy that the project was allowed to join a three-year trial program allowing the Vietnamese to visit only certain casinos.
The People’s Committee of Qinh-Jiang Province announced that the country's Prime Minister, Nguyen Xuan Fuk, had approved the new casino based at the integrated resort on Phu Quoc Island. Total investment in the project, including construction, will be $ 2.14 billion.
Works at the integrated resort, including the construction of hotels, shops and conference rooms, should be completed by 2021. However, the final opening date of the new gambling establishment has not yet been disclosed.
Phu Quoc Tourism Development and Investment JSC, owned by Vingroup, a Vietnamese conglomerate, owns casinos on Phu Quoc Island. Conglomerate owns 50% of the company's shares.
The government lifted the ban on gambling in March 2017, setting out a detailed policy on the placement and taxation of gambling industry objects. However, the market is still awaiting the application of the rules in practice.
Customers must be over 21 and have a monthly income of at least 10 million Vietnamese đồng ($ 427). Only casino resorts, in whose construction $ 2 billion was invested, including the costs of gaming and non-gaming facilities, have the right to carry out activities related to gambling.
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