South Korean investor, G.O.Max I&D Company is pursuing a project to build a horse racetrack in northern Vinh Phuc province in Vietnam.
According to local media, the investor recently met with local authorities to propose an increase to its investment capital despite delays to a legal framework on gambling.
Mr. Bui Minh Hong, Chief of the Secretariat at the Vinh Phuc Provincial People’s Committee said the investor has applied to increase its investment capital from $570 million to $1.5 billion and received a positive reception.
“Many things have changed over a long period of time so we have to establish a new investment plan for the project,” said Mr. Jung Young Jin, G.O.Max’s management and strategy director, quoted by VET.
The project is said to include a racetrack, a 72-hole golf course, a sports and entertainment area, an equestrian center and polo club, housing and villas.
The company is also reportedly hoping to open 70 betting shops in 54 cities and provinces around the country and open gambling sites.
“Not everyone can come to the racetrack to gamble so locating betting shops in other cities and provinces and providing online gambling are needed to ensure revenue for the project,” said Jung.
However, Jung says the biggest obstacle has been the absence of gambling laws in the country.
“We will continue to wait for the decree and guidelines from the government. G.O.Max will maintain its relationships with the project’s investors and strategic partners so we are ready to restart,” he said.