{"id":47188,"date":"2017-03-21T15:00:03","date_gmt":"2017-03-21T22:00:03","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=47188"},"modified":"2017-03-21T11:56:35","modified_gmt":"2017-03-21T18:56:35","slug":"vietnamese-billionaire-trinh-van-quyet-wants-to-cash-in-on-countrys-casino-boom","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/vietnamese-billionaire-trinh-van-quyet-wants-to-cash-in-on-countrys-casino-boom\/","title":{"rendered":"Vietnamese Billionaire Trinh Van Quyet Wants to Cash In on Country&#8217;s Casino Boom"},"content":{"rendered":"<p>Trinh Van Quyet is betting $2 billion that the Vietnam government\u2019s new legalization allowing locals to gamble will pay off big.<\/p>\n<figure id=\"attachment_47190\" aria-describedby=\"caption-attachment-47190\" data-style=\"width: 697px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-47190 \" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/03\/vietnamcasinoguy.jpg\" alt=\"Vietnamese Casino\" width=\"697\" height=\"386\" \/><figcaption  id=\"caption-attachment-47190\"class=\"text-description\">Vietnamese billionaire lawyer Trinh Van Quyet and his company, FLC Faros Van Don, has plans to build a $2 billion casino resort on two islands in Vietnam. (Image: FLC)<\/figcaption><\/figure>\n<p>The company he co-founded, FLC Faros Van Don, announced plans to build a $2 billion casino resort located in the Van Don Special Economic Zone located on two spots \u00a0on the islands of Ngoc Vung and Van Canh.<\/p>\n<p>The nearly 10,000-acre development would include a casino, five-star hotel, a convention center and a golf course.<\/p>\n<p>Though the new law consists of a three-year trial period in two casinos, the lawyer believes the regime will make the legislation permanent.<\/p>\n<h2>Keeping Locals Home<\/h2>\n<p>It seems like a safe wager on his part. The country has grappled with budget deficits and Prime Minister\u00a0Nguyen Xuan Phuc\u00a0<a href=\"https:\/\/www.casino.org\/news\/vietnam-casinos-to-perform-income-checks-on-entering-patrons\">proposed new decrees <\/a>that would soften the strict regulations, and they are seeing results.<\/p>\n<p>Last year The Southern Lottery Council, which comprises lottery companies in 21 provinces, pulled in almost $3 billion, up about 200 percent from 2007.<\/p>\n<div class=\"callout\">\n<p>The culture embraces the activity and was leaving home to do it, traveling to countries such as Macau and Singapore. It is estimated they lose $800 million a year. If citizens are going to gamble, lawmakers argue, they preferred they did so here.<\/p>\n<\/div>\n<blockquote class=\"main-blockquote\"><p><strong>There are stipulations, however. In addition to the pilot program, residents would have to show proof they make more than <a href=\"https:\/\/www.casino.org\/news\/legalizing-gambling-vietnamese-citizens-possible-solution-budget-deficit\">$440 per month<\/a>. The average salary is $2,200 annually. The law would be reevaluated after the three years.<\/strong><\/p><\/blockquote>\n<h2>Bullish on Building<\/h2>\n<p>Those conditions aren\u2019t discouraging corporations from trying to cash in on the new economy. A wave of interest from local and international companies has crashed onto the scene.<\/p>\n<p>Las Vegas Sands Chairman Sheldon Adelson is one such gaming tycoon who wants to have a presence here. The billionaire has made several visits to Vietnam with members of his development team. He has considered a resort in Ho Chi Minh City and Hanoi for the last several years.<\/p>\n<p>Two companies from Hong Kong are backing a $4 billion project in Quang Nam, along the coast in a popular tourist area.<\/p>\n<p>Phuc appears to be more and more open to the concept and has hinted that gaming could be the future of the country.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trinh Van Quyet is betting $2 billion that the Vietnam government\u2019s new legalization allowing locals to gamble will pay off big. The company he co-founded, FLC Faros Van Don, announced plans to build a $2 billion casino resort located in the Van Don Special Economic Zone located on two spots \u00a0on the islands of Ngoc [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,13,18],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vietnamese Billionaire Trinh Van Quyet Wants to Cash In on Country&#039;s Casino Boom<\/title>\n<meta name=\"description\" content=\"Billionaire lawyer Trinh Van Quyet and his company, FLC Faros Van Don has plans to build a $2 billion casino resort in Vietnam.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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