Removing obstacles for Vietnam's largest casino resort

On June 26, the Office of the People's Committee of Quang Nam province said that Mr. Ho Quang Buu - Vice Chairman of the Provincial People's Committee - had issued a document requesting the Departments of Natural Resources and Environment, Construction, Agriculture and Rural Development; People's Committees of Thang Binh and Duy Xuyen districts and Nam Hoi An Development Company Limited to focus on resolving difficulties and speeding up the site clearance progress of the Nam Hoi An Resort (Hoiana) project.

Previously, on June 7, Nam Hoi An Development Company Limited - the project investor - sent a document requesting to resolve difficulties related to compensation and site clearance for the project.

Overview of the Nam Hoi An - Hoiana Resort project (Photo: Cong Binh).

The People's Committee of Quang Nam province assigned the People's Committees of Thang Binh and Duy Xuyen districts to direct relevant units and commune-level People's Committees to urgently develop, appraise, and submit for approval compensation land prices and resettlement land prices. The districts must also complete documents and procedures to determine land origin, recover land, and accelerate investment in resettlement areas to ensure land fund needs for households subject to relocation and clearance.

In case of problems arising beyond their authority, districts need to promptly report and propose solutions to the Department of Natural Resources and Environment for guidance on resolution.

Quang Nam Provincial People's Committee also assigned the Department of Natural Resources and Environment to coordinate with the Department of Construction, the Department of Agriculture and Rural Development and related departments and branches to monitor and guide districts and related units in site clearance work, promptly remove difficulties to speed up project progress.

Nam Hoi An Development Company Limited will work with the authorities to provide relevant documents and instructions for resolving the recommendations.

Hoiana Resort was invested and developed by Nam Hoi An Development Company Limited, a joint venture between VinaCapital investment fund and Malaysia's Genting Group. However, Genting withdrew due to failure to reach an agreement on allowing Vietnamese people to play in the casino. Genting was replaced by Suncity Group (later LET Group).

In late July 2023, The Straits Times reported that the Hong Kong billionaire Cheng family had taken control of the Hoiana Resort & Golf casino resort in Quang Nam province, Vietnam. Control was transferred after Macau casino king Alvin Chau, the owner of the former company, was jailed earlier this year.

The Cheng family, Hong Kong’s third-richest family, owns the Chow Tai Fook jewelry chain and the New World Development Group. The Hoiana resort includes a casino with 140 gambling tables and more than 350 slot machines, a golf course and luxury hotels under the Cheng family’s New World and Rosewood brands. Many other infrastructures are under construction with a total investment of about 4 billion USD (nearly 95,000 billion VND).

Source: https://dantri.com.vn/bat-dong-san/go-vuong-cho-resort-casino-lon-nhat-viet-nam-20240625102306213.htm