Casino Operator Sought for Vietnam’s KN Paradise Cam Ranh Resort
Posted on: February 25, 2020, 08:29h.
Last updated on: February 25, 2020, 10:31h.
Vietnam’s KN Paradise Cam Ranh resort is moving ahead with its plan to open a large casino following government approval. It has begun looking for an international gaming operator, too.
Vietnam’s regulators approved the Cam Ranh casino having some 2,000 slots and about 200 gaming tables. The casino could span some 40 acres, GGRAsia reported.
Located in Khanh Hoa Province, the property in total has over 1,976 acres. Some three miles is a stretch of beach.
It also includes the 27-hole golf course, KN Golf Links, which opened October 2018. It was designed by champion pro golfer Greg Norman.
Last year, the Wyndham Grand KN Paradise Cam Ranh hotel opened on the site. It has 327 rooms.
The resort property is close to the Cam Ranh International Airport. It is a 30-minute drive from the resort to Nha Trang City, too.
Our strategic location and development plan will create an indispensable addition to the Pan-Asia integrated resort marketplace,” a resort official said in a recent statement.
The minimum investment for the casino is US$2 billion, GGRAsia reported. It cites a document released by the Vietnamese government in 2017.
A minimum of US$1 billion is required before the casino can open, the report adds. More money is apparently required later.
Questions Remain on Cam Ranh Casino Details
It remains unclear when the casino is expected to open. Nor is it known if the casino would let in qualified local players or whether it would be targeted only to foreigners.
In January 2019, the Corona Resort and Casino on Phu Quoc island became the country’s first casino property to let Vietnamese residents gamble if they meet specific financial requirements. Along with being a minimum of 21 years old, only those Vietnamese with relatively competitive incomes can enter.
Last year, the requirements included that Vietnamese residents must pay VNĐ1 million ($43) for a 24-hour pass, according to VietNam News. Area gamblers also must prove their monthly income is at least VNĐ10 million ($431).
According to the International Monetary Fund, the annual average salary of adults in Vietnam is about $1,800 or USD$150, for a month. A test period to let locals gamble in casinos is being undertaken over three years.
Elsewhere in Vietnam, in 2018 a gaming license was given to the Laguna Lang Co Resort, whose casino is expected to open in 2022. Once complete, it will feature 500 slots and 50 tables games, in addition to 2,200 villas and apartments, and as many as six five-star hotels.
As of last year, Vietnam was home to eight licensed casinos. Players, except at the Corona casino, need to have foreign passports to enter the gaming floors.
Vietnam Investigates Illegal Gambling
Recently, Vietnam has faced multiple instances of illegal gaming. Last April, Vietnam police arrested at least 22 people in connection with a massive $1.28 billion gambling ring that may have involved hundreds of thousands of user accounts. It is believed to be the largest illegal online gaming operation ever in the East Asian nation.
The ring involved betting on soccer games. It also involved other types of sporting events.
Vietnamese authorities also led an inquiry into a separate $420 million illegal gambling ring. It has involved high-ranking Vietnamese government officials.
That ring in total involved over 90 people. Many of them paid fines or were sentenced to prison.
Under Vietnam’s leader, Nguyen Phu Trong, the communist nation has undertaken a far-reaching investigation into corruption and illegal gambling.
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