Las Vegas Sands wishes to enter Vietnam, with casino

VietNamNet Bridge – In early December 2011, the news that the US Las Vegas Sands plans to set up a resort complex in Vietnam appeared in all local newspapers. However, the US group will have to go through a lot of obstacles to be able to implement its project in the country.

Marina Bay Sands in Singapore

After that, in the talk with the local press just before Tet holiday, in January 2012, Sheldon Adelson, President of Las Vegas Sands, said that the US group plans to set up two resort complexes in Vietnam, including one in HCM City and the other in Hanoi. 

Both of them would have the total investment capital of up to six billion dollars. The complexes would comprise of hotels, restaurants, exhibition centers, conference centers, shopping malls, spa centers, sports centers, theatres, cinemas, museums and other amusement services.

If the plan succeeds, Vietnam would become the fourth country in the world where Las Vegas Sands develops resort complexes. This would be one of the biggest ever foreign invested projects in Vietnam. Meanwhile, the complexes in Vietnam would be the biggest investment project of the US group so far.

George Tanasijevich, President and General Director of Marina Bay Sands Singapore, who is also the Global development Managing Director of Las Vegas Sands, said that the US group can see a lot of opportunities in Vietnam and has decided to invest in the country.

The US group well understands which obstacles it will have to deal with when trying to bring the project to Vietnam and it shows that it has sufficient patience. The government of Vietnam has not accepted the investment project suggested by the group.

“Las Vegas Sands really wants to invest in Vietnam. We are still waiting. We are ready to answers all the questions to be raised by the government of Vietnam about the plan, the way of doing business and about the complex tourism industry,” said George Tanasijevich on Thoi bao Kinh te Vietnam.

Everyone may know that the biggest obstacle that may make the project refused is the existence of casino. To date, the government of Vietnam has not allowed to open casinos in the country. Meanwhile, the US group has affirmed that casino would be indispensable part of the project. All the complex resorts of the US Group in the US, Macau and Singapore have casinos.

The above said senior executive of Las Vegas Sands also said that the operation of the complex resorts would heavily depend on the profits to be collected from the casinos.

“We are working with local authorities, trying to show the ways we will follow to minimize the possible social risks that may rise from the casino,” George Tanasijevich said, promising that the US group will closely cooperate with the local authorities to ensure that the social protection barriers can show their effects.

A lot of guests to the resort would not go to casinos. They would only enjoy the delicious meals at the restaurants, go to theatre, museum, or simply stay at hotels for relax.

Though the US group understands what difficulties are awaiting it ahead, it still thinks that it would successfully persuade the government of Vietnam and the local authorities.

It is obvious that the US group can bring big benefits to the countries where they have made investment. In Singapore, for example, Marina Bay Sands helped increase the number of travelers to the country in 2010 by 20 percent, and increase the travelers’ spending by 49 percent. The official figure for 2011 has not been released. However, the increase in the number of travelers may be 40-60 percent.

Source: TBKTVN