Banyan Tree Capital, which currently manages the Laguna Lăng Cô, a beach resort located in the Thua Thien Hue Province, Vietnam, announced that it had submitted a Request for Concepts (RFC) for the addition of an entertainment complex that would also feature a gambling facility.
Steve Small, Managing Director of Banyan Tree Capital, explained that by opening facilities of this kind, the company aims at attracting customers from Mainland China and other Asian countries.
Mr. Small also pointed out that his company will by no means be involved in the operations of the gambling venue. It is only to look for gaming operators that will manage the casino independently.
According to Mr. Small, experienced operators will certainly express interest in running the gambling facility as well as the other entertainment options the complex is to offer, if approved, and will show support for the government’s goal to turn Vietnam into an even more competitive tourist destination.
Laguna Lăng Cô opened doors in 2013. The complex was the first one on the territory of Vietnam to feature a Banyan Tree-branded hotel and residence. Apart from this, the resort also features Angsana Residences, an 18-hole golf course, retail outlets, conference halls, numerous food and beverage options, etc.
Banyan Tree Capital said that it is to oversee the RFC, which is intended to attract operators that are willing to manage the casino. In addition, the company has assigned Global Market Advisors LLC as strategic advisors.
Jonathan Galaviz, consultant at Global Market Advisors, commented that they are looking forward to working with senior executives from the gambling industry. Mr. Galaviz also noted that the Vietnamese gambling and tourism sectors are constantly growing and the proposed project will definitely attribute to the country’s economic growth.
At present, only foreigners are allowed in the premises of Vietnamese casinos. Reportedly, a bill that would legalize casino gambling for the country’s residents has been considered by legislators for quite some time now. If passed into law, it would permit locals to gamble under particular conditions. Another measure that could be taken by legislators is the introduction of an entry levy similarly to the one in Singapore.
According to gaming analysts, residents being allowed to play at local casinos will result in more foreign investors expressing interest in investing in the country’s gambling and tourism industry.
