09:14 | 06/01/2017 Economy
The South Korean investor partnered with Vinh Phuc Province, which is working to legalize sports betting.
|Photo by Reuters|
South Korea’s G.O.Max I&D signed a memorandum of understanding (MoU) on Tuesday with the Vinh Phuc provincial administration to build a $1.5-billion race track, golf course and luxury villa complex.
The gaming complex would cover 200 hectares (494 acres) and hold races three times per week, according to a VnEconomy report.
The developer plans to establish around 70 off-track betting shops in every province and city in the country and open an online betting site.
G.O.Max I&D signed the MoU in northern Vietnam, where provincial leaders are working to legalize sports betting nationwide. The Ministry of Finance and other government agencies are completing a resolution that would legalize gambling on horse and greyhound races as well as soccer matches.
The South Korean firm previously submitted a proposal to build a racing complex worth $570 million in 2005. Although the project received support from local authorities at the time, it was not able to move forward because Vietnam had not established regulations to manage the betting industry.
In July, Vietnam’s Dai Nam Joint Stock Company said it plans to invest $100 million in a racing complex in Binh Duong Province's Dai Nam Tourism Park, which sits just outside Ho Chi Minh City.
More recently, the Hanoi Tourist Corporation and Korea’s Global Consultant Network., LTD. signed an investment agreement that could bring a $500-million racecourse to Hanoi; both parties are awaiting a green light from authorities, according to the official newspaper of the Hanoi People's Committee.
Ho Chi Minh City's Phu Tho racecourse, which opened in 1932, closed in 2011.