Vietnam | Casino BOOM!
Here is a great overview of the casino boom that is underway in Vietnam. To be honest, there were so many billions of dollars being thrown around in the article that I lost track of the total investment.
You have to admit, Vietnam has some of the most beautiful beaches in the world - just take a look at one of the Phu Quoc Islands above. If Macao and Las Vegas can be huge tourist attractions, then just imagine the potential of some of these beach casino resorts.
Some of the big names that were mentioned and that I’m keeping my eyes on are:
- Asian Coast Development’s Ho Tram Strip casino and hotel complex
- Oaktree’s Hoa Van casino
- Trustee Swiss’s Phu Quoc Island
And there are plenty more so read the entire article.
Before we get carried away and I find myself starting another website, lets just say there are a few hurdles that need to be overcome, and they’re not small. The article points out the following:
However, as the government is still considering legal framework for casino operation in Vietnam, it remains unclear whether proposals for casino hotels in Danang, Quang Nam and else where will be approved.
Global C&D’s Tong acknowledged that it would take time for the government to consider gaming and it would also take more time to bring American casino operators to Vietnam that does not have legal frameworks in place - a prerequisite for US authorities to allow operators to go overseas.
Mega resort developers will also face chronic problems of the tourism industry, such as poor aviation infrastructure, poor transportation systems and a lack of qualified staff. New terminal airports are planned for Danang and Phu Quoc but construction has been slow at best and a lack of flights is a bottleneck to tourism development in these areas.
(Dewet - I havent forgotten about all the articles you sent, Im working through them.)
May 5th, 2008 at 6:30 am
July would D-Day for the Vietnamese gaming industry when the national assembly convene. I take my hat off for a company like Asian Coast Development there board of directors is mainly American but the company is registered in Canada. So they found away around the red ribbon. They are pioneers to teach Vietnamese government officials about the industry, Asian Coast organized a tour of gambling sites in London, the Bahamas and the U.S. Out of all the companies that applied for a license in Vietnam this seems like a real casino operator that is focused on gaming. Really impressive board of directors.
May 5th, 2008 at 7:07 am
Shady details uncovered about $10bil investment project
09:52′ 22/02/2008 (GMT+7)
VietNamNet Bridge – The $10bil tourism project in the central province of Quang Nam remains a hot topic. The proposed investor, US-based Global C&D Inc, registered its business in Nevada with total investment capital of $100,000.
Concerns over capability of $10bil investor
In the report on the project to the Prime Minister on February 4, the Quang Nam People’s Committee wrote that the $10bil tourism project will be the biggest ever in the central region with total investment capital of $10bil. The investor is the US-based Global C&D Inc. and Tano Capital and Spring Investment.
The Quang Nam People’s Committee’s report said this is a highly feasible project, which fits the provincial plan to develop tourism projects on the coastal areas. If approved, the project will help develop Quang Nam and the central region’s economy.
However, an official working as the foreign investment project assessor and had the chance to read Quang Nam authorities’ document on the $10bil project, said the document lacked the information that such a massive investment would usually entail.
To date, no ministry has released any official opinion on the project.
Tuoi tre newspaper has spent time tracking down the profile of the investor. Global C&D was registered in Nevada on October 21, 2005 with the investment capital of $100,000 under Chairman and General Director Tong Ich Pham.
Global C&D does not have an official website and besides the information about the project provided by Quang Nam authorities, there is no further information via an internet search or other relevant sources.
This is strange, as other US companies all have their own websites. The email address left by the investor at the Quang Nam People’s Committee’s office is a Yahoo address. No big company wants partners to contact them via Yahoo accounts.
The website of Tano Capital, the co-investor, provides a contact address in Hoi An, Vietnam.
In an interview with Charles Johnson, the founder of Tano Capital in October 2007, which is featured on the website, Mr. Johnson says Tano manages the total assets of $200mil, and that the company has invested $40mil in China and made another investment in India.
As such, by the end of 2007, the total capital of the company had not reached 500mil, as he said.
Tong Ich Pham, Chairman and General Director of Global C&D, wrote in his email to local newspapers that his group still needs more working sessions with Quang Nam province. He wrote that many things still need done and he will provide more details soon.
(Source: Tuoi tre)
* Vo Ta Han, Senior Advisor to Swiss UBS AG in Singapore: The first thing relevant ministries should do when working with big investors is ask them to prove their financial capability. Send several millions of dollars to a bank account to show your financial capability and we will talk about projects after.
* Tran Van Tho, Economics Prof from Japan’s Waseda University: The best solution now is for Quang Nam authorities ask the investor to pay the fee for assessing the investment project. The provincial authorities can use the sum of money to hire an independent consultancy firm to examine the feasibility of the project. If the firm provides a good assessment about the project, the provincial authorities will consider the details; it should only submit the project to the Prime Minister when it finds the project highly feasible
May 5th, 2008 at 7:19 am
This is a really cool web site but it needs some more exposure. I think maybe you should put a link on gaming floor, casino city, urbino.net etc. Casino employment is a sure must especially on a website like this with all these new developments (even you put on links).
Just food for thought keep up the good work looking forward to your next website.