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Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam

Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam

Building casinos that are new Vietnam includes all kinds of government roadblocks

For some reason, in Asian and Russian countries, they like to zone their casinos off. Everything has to be in a designated ‘economic zone,’ perhaps indicating that a lot of things in these national nations are not supposed to make big money, at least not if they’re legal.

New Casinos on the Runway

Vietnam fits this mold, and legal gambling enterprises remain a concept that is fairly new, not forgetting almost exclusively targeted at a foreign market, as locals are mostly barred from casino gambling. Now a high-profile Vietnamese businessman Dao Hong Tuyen, listed as a CEO to watch by the Japan Times wants to construct a new casino project via his Tuan Chau Groupand its US partners in the Van Don Administrative Economic Zone in Quang Ninh province within the northeast area of Vietnam. He also would like to get a gambling house going in Ha Long City on nearby Tuan Chau island, adjacent to a marina that is new will be checking there.

If he could possibly get ‘er done, Tuyen would be one of just a handful of designers to crack the bureaucracy grid that has long kept Vietnam lagging behind its Asian brethren in this arena. A huge sticking point for many casino investors happens to be the somewhat odd dictum by the Vietnamese government that the the least US$4 billion be focused on any projected resort-casino plan; a numbe Continue reading Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam

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Appeals Court Backs EPT Concord in Concord Associates Agreement Case

Appeals Court Backs EPT Concord in Concord Associates Agreement Case

A US appeals court ruled in favor of resort operator EPR Resorts, previously referred to as EPT Concord. The business looks after the construction and procedure associated with the Montreign Resort into the Adelaar area in nyc that will host the casino that is montreign. The court ruling was against real estate developer Louis Cappelli and Concord Associates.

Back in 1999, the designer’s Concord Associates purchased a site that is 1,600-acre to construct a casino resort. In 2007, the entity required money of $162 million, which it borrowed through the former EPT. To be able to secure its loan, it used the greater part of its property as collateral.

Although Concord Associates did not repay its loan, it may proceed using its arrange for the launch of a casino but on a smaller slice associated with previously purchased site. Yet, it had to finance its development in the shape of a master credit agreement, under which any construction loan must have been guaranteed in full by Mr. Cappelli himself.

Concord Associates failed in this, too, plus in 2011 proposed to issue a bond that is high-yield $395 million. EPT refused and Concord Associates brought the problem to court arguing that their proposition complied using the contract between your two entities.

EPT, having said that, introduced its own plans for the establishment of the casino resort. The gambling facility will be run by gambling operator Em Continue reading Appeals Court Backs EPT Concord in Concord Associates Agreement Case

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Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam

Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam

Building new casinos in Vietnam includes all sorts of government roadblocks

For whatever reason, in Asian and Russian countries, they like to zone their casinos off. Every thing has to be in a designated ‘economic zone,’ perhaps indicating that most things in these national nations are not designed to make a lot of cash, at least not if they’re legal.

New Gambling Enterprises on the Runway

Vietnam fits this mold, and legal casinos continue to be a concept that is fairly new, and undoubtedly almost exclusively targeted at a foreign market, as locals are mostly barred from casino gambling. Now a high-profile businessman that is vietnamese Hong Tuyen, listed as a CEO to watch by the Japan Times wants to build a fresh casino project via his Tuan Chau Groupand its US partners into the Van Don Administrative Economic Zone in Quang Ninh province in the northeast region of Vietnam. He also would like to get a gambling house going in Ha Long City on nearby Tuan Chau island, next to a new marina that will be checking there.

If he will get ‘er done, Tuyen would be one of merely a handful of developers to crack the bureaucracy grid that has very long kept Vietnam lagging behind its brethren that are asian this arena. A huge sticking point for casino investors that are most was the somewhat odd dictum by the Vietnamese government that a the least US$4 billion be devoted to any projected resort-casino plan; a qu Continue reading Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam