US company Peninsula Pacific is expected to join with Vietnam-focused asset management firm VinaCapital to develop a $4 billion integrated casino resort in central province of Quang Nam.
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The link-up became possible after Malaysian casino operator Genting withdrew from the project in 2012.
“After discussions with many companies, VinaCapital decided to partner with casino developer Peninsula Pacific, a firm that has developed seven similar projects in the US,” Quang Nam’s Chu Lai Economic Zone Management Authority said in a document obtained by VIR.
According to the provincial authority, Peninsula Pacific’s executives visited Quang Nam to study the South Hoi An development last November. Further discussions were held in the US a month later between VinaCapital, Peninsula Pacific and provincial leaders.
No details about the timeline or stake held by Peninsula Pacific were revealed in the document. But an official from Chu Lai Economic Zone Management Authority recently told VIR that a new comer could acquire up to an 80 per cent stake in the project, with VinaCapital retaining the remainder.
If Peninsula Pacific’s involvement receives the go-ahead from the government, the construction of South Hoi An would be resumed after a long delay.
VinaCapital and Peninsula Pacific had already committed themselves to building a 500-room five-star hotel as the first phase of the project by the end of 2015, according to the document.
South Hoi An was initially developed by VinaCapital and Genting and was slated to consist of five-star hotels, villas, and electronic gambling facilities. But in September 2012 Genting announced its sudden decision to withdraw from the project despite the already beginning site clearance, forcing VinaCapital to find other partners. To make the project more attractive, VinaCapital proposed the local authorities reduce the land allocated to the project by a third to 1,000 hectares. The developer also asked for an extension to the project’s longevity to 50 years since the new investment certificate was issued, and for permission to expand the scale of gaming facilities, with 90 gaming tables in the first phase compared to 20 tables outlined in the original investment certificate.
By Ngoc Linh
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