S Korean firm in $4b Vietnam casino plan

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A South Korean firm has proposed the construction of a $4 billion casino in central Vietnam next to the Phong Nha-Ke Bang National Park, a natural reserve named in UNESCO’s world heritage list, local media reported.

Zeta Plan and Investment Company, an alliance of financial and technology firm based in South Korea, has been given two suggestions for possible locations by Quang Binh province authorities: Tram Village in Son Trach Commune and Chay Lap Village in Phuc Trach Commune in Bo Trach district, both located near the 85,700-hectre national park.

Along with the casino, a hotel, outdoor tourism attractions and an international amusement park have been written into the $4 billion project, the minimal registered capital required by investors to invest in Vietnam’s gaming industry.

Zeta Plan and Investment Company is a pan-Asian private equity group founded in 2005. It currently manages more than $1.2 billion in assets.

The announcement came only weeks after a Malaysian investor, Genting Malaysia Berhard, a subsidiary of Malaysian Genting Group, decided to withdraw from a similar casino project after problems with local partners.

According to a draft decree from Vietnam’s Ministry of Finance, investors need to have at least 10 years’ experience operating casinos.

Ironically, similar to laws in South Korea, only foreigners are allowed access to casinos.

The proposal to build upon an industry prone to attracting crime comes at a time when the 11th Regional Seminar of the ADB/OECD Anti-Corruption Initiative for Asia and the Pacific was being hosted in Hanoi. Thirty regional economies were represented at the event, where participants proposed solutions to combating corruption.

Vietnam already has four small casinos, all located in the north.

 

 

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Reading Time: 1 minute

A South Korean firm has proposed the construction of a $4 billion casino in central Vietnam next to the Phong Nha-Ke Bang National Park, a natural reserve named in UNESCO’s world heritage list, local media reported.

Reading Time: 1 minute

A South Korean firm has proposed the construction of a $4 billion casino in central Vietnam next to the Phong Nha-Ke Bang National Park, a natural reserve named in UNESCO’s world heritage list, local media reported.

Zeta Plan and Investment Company, an alliance of financial and technology firm based in South Korea, has been given two suggestions for possible locations by Quang Binh province authorities: Tram Village in Son Trach Commune and Chay Lap Village in Phuc Trach Commune in Bo Trach district, both located near the 85,700-hectre national park.

Along with the casino, a hotel, outdoor tourism attractions and an international amusement park have been written into the $4 billion project, the minimal registered capital required by investors to invest in Vietnam’s gaming industry.

Zeta Plan and Investment Company is a pan-Asian private equity group founded in 2005. It currently manages more than $1.2 billion in assets.

The announcement came only weeks after a Malaysian investor, Genting Malaysia Berhard, a subsidiary of Malaysian Genting Group, decided to withdraw from a similar casino project after problems with local partners.

According to a draft decree from Vietnam’s Ministry of Finance, investors need to have at least 10 years’ experience operating casinos.

Ironically, similar to laws in South Korea, only foreigners are allowed access to casinos.

The proposal to build upon an industry prone to attracting crime comes at a time when the 11th Regional Seminar of the ADB/OECD Anti-Corruption Initiative for Asia and the Pacific was being hosted in Hanoi. Thirty regional economies were represented at the event, where participants proposed solutions to combating corruption.

Vietnam already has four small casinos, all located in the north.

 

 

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