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Tony Milton MRICS

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Starter's gun $100m 200he Binh Phuoc Entertainment Complex horse racing track plan – February 2010
Thursday, 20 May 2010
A foreign investor this month received the starter's gun to develop a horse-rac­ing track in southern Binh Phuoc
A foreign investor this month received the starter's gun to develop a horse-rac­ing track in southern Binh Phuoc province, in a major step forward for sports­ related betting services development. Binh Phuoc People's Committee granted Aus­tralian Binh Phuoc Enter­tainment Complex Compa­ny Ltd an investment certifi­cate to build a horse-racing track in Chon Thanh dis­trict, the first such foreign­ invested project licenced in the last decade. According to Binh Phuoc's Department of Planning and Investment, the $100 million project would cover 200 hectares and be completed within four years. Vu Thanh Nam, director of Binh Phuoc's Department of Planning and Investment, said apart from the racing course, the firm would build a commercial and sports centre, a hotel and villas. Previously, the Korean G.O.Max I&D Company proposed to build a $570 million horse-racing course in Vinh Phuc province and Vietnam Tote Company - an alliance of three Korean firms - also proposed to build a $350 million racing track in southern Binh Duong province. However, the investors are still waiting for a govern­ment decree on sports-related betting services before getting investment certificates. The Ministry of Finance is draft­ing the decree. Nam said Binh Duong People's Committee expect­ed the Australian project to attract more tourists and investors to the province. "Visitors to the race course will come from Ho Chi Minh City and other neighbouring provinces," said Nam. But, the investor could not provide betting services with­in the racing course, he added. "Before granting the investment certificate for this project, provincial authorities and the investors proposed the government allow betting within the race course. But, we have yet to get approval. However, the investor still decided to develop the pro­ject," said Nam. "The investors want to wait for the decree," Nam continued. Previously, the govern­ment granted licences for Phu Tho racing course in Ho Chi Minh City, Hong Phat racing course in southern Long An province and a course in Hanoi. However, only Phu Tho is operational. Hong Phat course is under construction, while the Hanoi People's Committee revoked the capi­tal city's investment certifi­cate due to slow-paced con­struction. VIR
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