Billionaire Developer Rides Vietnam Gambling Trend With Casino
- Real estate company FLC Group plans $2 billion casino resort
- FLC Group shares rise as much as 5.1 percent on casino news
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FLC Group Joint-stock Co., co-founded by billionaire Trinh Van Quyet, has joined a growing number of foreign and local investors betting on cashing in on Vietnam’s decision to allow locals to roll the dice in casinos for the first time.
FLC Faros Van Don, a unit of FLC Group, received permission from the northern provincial government of Quang Ninh to invest about $2 billion in a casino resort, the company said in an email statement. The project will include a five-star hotel, convention center and golf course in the Van Don Special Economic Zone on the islands of Ngoc Vung and Van Canh. The company hopes its complex on a total of 4,000 hectares will tap tourists and possibly domestic gamblers.