A consortium of US investors is planning a US$10 billion casino resort project in VietNam and the Quang Nam People’s Committee has sent an official request to the Prime Minister for approval to be granted, following several years of negotiations with the investors. The resort is planned to cover 460 hectares and include an international conference centre and trade centre as well as hotels, casinos and other entertainment venues.

Global C&D Inc and financial group Lehman Brothers first approached the government of Quang Nam Province in September 2003 about a huge tourist complex, with a then estimated US$1 billion investment. A commitment by the investors would see 60 hectares reserved as a resettlement area and the building of housing in the first phase of the development. Each household in the area would be given a two-storey house in the resettlement zone and a job for at least one family member at the Dragon Beach Casino Resort.

Quang Nam Province, along Vietnam's central coast, has recently revised its development plan with a greater focus on promoting tourism, and has opted for long-term vision over short-term gains. It has refused industrial investment projects that could potentially create environmental pollution and affect the natural landscape.

The Dragon Beach Casino Resort must still await approval by the Vietnamese Government but it is hoped that work on the project will commence before the end of the year. Nine hotels with casinos are planned at a cost of US$9 billion, along with a US$400 million conference centre and US$140 million trade centre. A golf course and sports complex is expected to bring an investment of US$100 million. The basic principles of the project have been agreed by the Quang Nam authorities. (E-02.18.08)

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