>> Casino licensing may be getting out of hand

Nearly 10 foreign investors are seeking to develop a casino project on Phu Quoc in the southern province of Kien Giang.

Nearly 10 foreign investors are seeking to develop a casino project on Phu Quoc in the southern province of Kien Giang (Illustration photo)

Nguyen Van Hon, Deputy Head of Phu Quoc Island Investment and Development Management Board, said the project would be designed by a Singaporian firm which specialises in design of large casinos projects in that country. The company would cooperate with other foreign designers to work on the project.

The design is expected for completion by the end of 2011, when provincial authorities will call for bids from investors.

To date, around 10 foreign companies have shown interest in the project, which will require a total investment of over USD4 billion, Hon added. He noted, however that, “Only one investor will be chosen for the project.”

The Vietnam News Agency cited Deputy Chairman of the Kien Giang People\'s Committee, Dang Cong Huan, as saying that the 135-ha project would have several five-star hotels in addition to entertainment areas. The casino itself would house 200-400 gambling tables.

Under the master plan for socio-economic development of Kien Giang Province, approved by the Prime Minister, Phu Quoc Island will be developed into a centrally-administered special economic zone by 2020.