$4 billion project in Ho Chi Minh City in doubt

A $4 billion real-estate project in Ho Chi Minh City, whose investors include former president and chief operating officer of Las Vegas Sands William Weidner, may face trouble, according to a weekend report from VietnamNet.

The project, if approved, would comprise of a 70-storey tower and lower towers, an office building, shopping mall and entertainment area. No casinos were mentioned in the initial report, but the investment amount of $4 billion is typically the amount regarded as the capital investment expected for developments linked to casino gaming.

In June, VietnamNet reported a proposal by investors to fast track the scheme that would allow completion within four years, but such amendments were unlikely to be accepted as it would change the master plan already accepted by local officials.

According to VietnamNet, “the Thu Thiem Urban Area Management Board recently sent a document to the People’s Committee on the Thu Thiem programme, repeating its view that it won’t accept investment projects which require an adjustment of the initial development plan.”

Last month, it was reported that Vietnam’s draft casino bill, which had been seven years in the making, had been submitted to the country’s government. The decree will reportedly allow local Vietnamese access to casinos for the first time.