KN Paradise is looking for a casino operator for a hotel complex in Vietnam
KN Paradise Cam Ranh Resort, a tourism project in Vietnam’s Khanh Hoa province, announced on Tuesday that the Vietnamese government had “recently issued” an investment certificate allowing the project to develop a “large-scale casino complex” in its premises. The program is promoted by Vietnamese real estate investor and real estate developer KN Cam Ranh Co Ltd.
In Tuesday’s statement issued on behalf of KN Cam Ranh Co, the company stated its “formal intention” to develop a partnership with an international casino operator.
The statement said that the investment certificate approved by the Vietnamese government enabled the company to develop a casino complex with a total area of 16.2 hectares (40.0 acres). The gaming room can offer 200 gaming tables and 2,000 electronic gaming machines, according to the document.
The statement quoted KN Paradise Deputy Managing Director of Investments Cam Ranh: “It is with great enthusiasm that we are sufficiently prepared to cooperate with international casino game operators for the development and operation of our integrated complex in Cam Ranh. Undeniably, our strategic location and development plan will create a much needed addition to the integrated Pan-Asian resort market. “
The Vietnamese government requests a minimum capital commitment of US $ 2 billion – according to a relevant government decree issued in 2017 – to invest in large casino projects; the type of plans which, in theory, could be eligible to participate in a pilot project allowing economically qualified locals to play. At least $ 1 billion must be invested before the casino is allowed to open, the government decree said.
Tuesday’s statement on behalf of KN Cam Ranh Co did not mention the overall investment for the project or the expected opening date of the casino complex. The document also did not indicate whether the resort would be able to meet the needs of local gamers, as planned for some casino programs under the Vietnamese government’s trial project.
KN Paradise Cam Ranh Resort (shown in an artist rendering) is located in Cam Ranh Town, Khanh Hoa Province, the south-central coastal region of Vietnam. It is said to be less than a five-minute drive from Cam Ranh International Airport, the main air hub serving the Nha Trang region of Vietnam.
The proposed complex would cover over 800 hectares of land in Cam Ranh, and the company’s plan includes extensive real estate development: a wide range of hotel and residential properties; entertainment facilities; stores; theme parks; and a congress area.
Part of the development has already been done. KN Golf Links – a 27-hole golf course designed by Greg Norman – opened in October 2018 as part of the larger resort complex. The 327-room Wyndham Grand KN Paradise Cam Ranh hotel began operations in late 2019.
Another new gaming complex in Vietnam – the Corona Resort and Casino, on Phu Quoc Island – is reportedly were the first and so far only casinos nationwide are allowed to offer gambling services to economically qualified locals. This site’s casino opened in January 2019.