🤑 In Vietnam, a mega casino rises with the help of a Macau junket company - Reuters

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In addition to Hoiana, Suncity has also signed a management service agreement for the Van Don project in the north. Farah Master.{/INSERTKEYS}{/PARAGRAPH} At present, only foreign passport holders can enter and gamble in them. He added that development of the area would also include a school and sports stadium for local residents. In addition to Hoiana, two other casinos, one in Van Don in the northern province of Quang Ninh, and one on Phu Quoc island in the south, are also under construction. Vietnam is betting big on developing a gambling industry, targeting the Chinese tourists who have been flocking to the country in recent years. Hoiana will be the first casino owned by SunCity, which will have a one-third stake in the project. But as tighter regulatory controls and a lack of space crimps further development in Macau, junkets have been trying to expand overseas. Other countries like Singapore also compete in the sector. N have been interested in setting up in Vietnam for several years. Suncity is responsible for all the casino operations in Hoiana, including bringing in VIP players. There are fewer than 10 casinos in Vietnam, mostly smaller ones outside major cities. Ho Tram, a multi-billion dollar casino project located a two-hour drive from Ho Chi Minh City, had construction delays and financing problems before it opened in The casino - which is owned by Asian Coast Development, headed by the hedge fund manager Philip Falcone - has struggled to attract foreign gamblers to its remote location. Van Don is scheduled to open in according to Suncity but details are scarce on the nature of the development. And they are pinning their hopes on Chinese tourists. The Hoiana project comes with challenges. Discover Thomson Reuters. Directory of sites. Business News. {PARAGRAPH}{INSERTKEYS}Driving the project is Suncity Group Holdings Ltd HK , which has made billions luring high-rollers — mainly from China - to the baccarat tables in the Chinese territory of Macau. Booming gambling revenues in Macau have created enormous wealth for junket operators like Suncity, who bring in players from mainland China and collect their debts. Their role remains critical for Asian casinos eager to attract Chinese players, as gambling debts are not legally enforceable in China. But Sands has said it would only invest in a casino if locals were allowed to gamble there. United States. The two projects will be part of a pilot program that would allow Vietnamese citizens to gamble at casinos for the first time. In , Vietnam welcomed 4 million Chinese visitors, up 49 percent from the previous year. The first phase of the project, which includes a table casino and a golf course, is due to open in The second phase, which will add a lagoon, water park, second golf course, entertainment village and four more beach resorts, is slated to open by Companies associated with Chow Tai Fook Enterprises, headed by the Hong Kong billionaire Henry Cheng, are building villas and a 1,room hotel as part of the first phase.