$4-billion South Hoi An casino officially starts construction

August 17, 2017 | 20:27

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Contractor Coteccons has started the construction of the first phase of the $4-billion South Hoi An integrated casino resort, now named Hoiana, located in the central province of Quang Nam.

The first phase of Hoiana casino and resort complex will start operation in 2019

According to the newest plan, the first phase, which covers an area of 163 hectares with a total investment capital sum of $500 million, will include an 18-hole golf course meeting international standard, resorts, a shopping centre, and other infrastructure facilities. The construction is expected to be completed within 19 months.

Previously, in late April 2016, the investor held the ground-breaking ceremony. The plan for the first phase was to start operations in early 2019 and for the whole complex to be completed in 2035. Once the resort comes into operation, it will be the second largest casino in Vietnam, after The Grand Ho Tram Strip resort and casino complex located in the southern province of Ba Ria-Vung Tau.

In December 2016, the developer VinaCapital announced that the property would be called Hoiana.

Licensed in 2010, the project was initially developed by VinaCapital and Genting Malaysia Berhad, and comprised of five-star hotels, villas, and a casino targeting foreign tourists.

However, in September 2012, Genting suddenly announced its withdrawal in the midst of site clearance, forcing VinaCapital to find other partners to jointly develop the project.

Coteccons was the contractor of numerous large-scale projects, including Masteri Thao Dien, Vinhomes Thang Long, Vinhomes Metropolis, Vinhomes Golden River, Landmark 81, and The Grand Ho Tram Strip resort and casino complex, among others.

$4b South Hoi An deal tabled

VinaCapital, the Vietnam-focused asset management firm, has found a joint partner to develop a $4 billion integrated resort and casino in Quang Nam province, bringing hope for resuscitation of this long-delayed project after the withdrawal of Malaysia casino operator Genting.

Green light for $4bn South Hoi An project

VinaCapital and Genting Group have permission to reclaim a large area in Quang Nam province to implement a multi-billion dollar recreation resort project.

By By Kim Oanh

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