VinaCapital and Chow Tai Fook will start building a $4-billion casino complex in central Vietnam next week. (Photo: www.clearwatercasino.com)
VinaCapital Group, the largest fund manager in Vietnam, and Hong Kong-based Chow Tai Fook will jointly kick off the construction of a $4-billion casino complex in the central coastal province of Quang Nam on April 23, according to the Dau Tu (Investment) newspaper.
The first phase of the Nam Hoi An project will be built on an area of 160 hectares and cost some $500 million. It will comprise of facilities for lottery games, a golf course, villas and high-end apartments.
The mega project was initially licensed to duo VinaCapital and Genting Berhad Malaysia in 2010. It came to a standstill in 2012 following the Malaysian partner’s exit.
In September 2015, VinaCapital announced that Chow Tai Fook, a firm engaged in property development, hotel and jewelry, would replace VinaLand Limited, a closed-ended fund run by VinaCapital, to be a shareholder of the project.
VinaCapital will remain a strategic shareholder and plans to raise its holding to 31.91% from 22.55% presently in Nam Hoi An Company, the operator of the project.
The Nam Hoi An casino complex will the second-largest casino in Vietnam, after the Grand Ho Tram Strip Resort which is being developed in the southern province of Ba Ria-Vung Tau with an investment of $4.2 billion.