Trending of integrated resort concept in Vietnam
The term integrated resort (IR) is used to describe a complex resort property that provides a diversified leisure offering including hotel, casino, convention and exhibition facilities, entertainment, retail, and fine dining, amongst others.
The IR concept goes back to the 90s to address the new developments that surfaced in Las Vegas, like MGM Grand or Venetian Las Vegas (the first Las Vegas mega-resort was the Mirage opened in 1989) which were followed by a number of complexes of similar size across the Strip. This model has developed extremely strongly in Asian countries like Macau, Hong Kong (China), Malaysia, Singapore, and the Philippines.
Reality shows that, wherever they emerge, IR developments have a dramatic impact, enhancing an entire destination’s tourism products and appeal – boosting the economy, changing the entire shape of tourism, and creating job opportunities like never before.
Vietnam has been rising as an increasingly attractive foreign investment destination in recent years and the casino and gaming investments are poised to continue that growth momentum.
In Asia, the pioneer IRs include Marina Bay Sands (Singapore), Resorts World Genting (Malaysia), Mission Hills Haikou (China), and City of Dreams (Macau). Beyond Asia are world-famous IRs including Venetian and Palazzo in Las Vegas, Melbourne’s Crown Entertainment Complex, or South Africa’s Sun City.
Never before has IR been such a gathering storm in the worldwide tourism industry. The economic benefits and problems that IR brings are clear evidence of this trend. For example, when Marina Bay Sands came into operation in 2010, only 24 months later, it was estimated that the number of Singapore tourists increased by 41 per cent and the country’s GDP increased by 2 per cent a year.
Today, Marina Bay Sands is still the trump card of Singapore tourism as it receives millions of visitors each year. Adding further evidence, Macau’s casino revenue had quadrupled from HK$55 billion to HK$217 billion ($7.07-27.88 million) in 2016 since the opening of the Venetian Macao, the flagship of “Asia’s Las Vegas” in 2007.
Vietnam has been rising as an increasingly attractive foreign investment destination in recent years and the casino and gaming investments are poised to continue this growth momentum. Last year, Vietnam received 15.5 million international tourists, up 19.9 per cent over 2017, according to the Vietnam National Administration of Tourism (VNAT). In 2019, Vietnam greeted over 18 million international tourists, the highest ever so far, according to the General Statistics Office.
KN Paradise Cam Ranh: New world-class integrated resort in Vietnam
In August 2019, the prime minister of Vietnam issued an Investment Approval to KN Cam Ranh Co., Ltd. approving the development of KN Paradise Cam Ranh Integrated Resort, a mixed-use real estate project including a large-scale casino. The project will be located in the tourist hub of Cam Ranh Peninsula in Central Vietnam.
This large-scale project covers approximately 800 hectares and boasts a five-kilometer stretch of pristine beachfront property. KN Paradise has a collection of high-class facilities, inclusive of an award-winning golf course, diversified entertainment services with a large scale casino, shopping, and duty-free center, MICE, luxury marina, Union Square, multinational beach club, continental village, water park, and up to six-star hotels and resorts.
KN Paradise is more than just a world-class integrated resort, blessed by nature’s beauty and amazing views with crystal blue water, and shimmering white sands. It promises to be the premier destination for tourists and a mecca for the gaming industry in Central Vietnam.
With development already in process, Wyndham Grand Cam Ranh Resort is projected to commence operations in early 2020 and other recreational facilities such as the water park, the Beach Club, and the Union Square are anticipated to open in 2021.
KN Golf Links, the 27-hole Greg Norman signature designed golf course opened in late 2018 and was awarded the best new golf course in the Asia-Pacific title in 2019 by Asian Golf Awards as well as being selected as one of the six best new golf courses in the world by World Golf Awards 2019.
With the recent development of Cam Ranh airport’s new international terminal, the area has attracted in excess of 7.5 million tourists in 2019. The system of international destinations directly connected to Cam Ranh has expanded quickly with Taipei, Hong Kong (China), Macau, China, South Korea, Russia, Malaysia, and Thailand already in motion as well as Japan, Singapore, and the Netherlands scheduled to be added in 2020. A vast range of international hospitality brands will also be operating at KN Paradise, delivering an increasingly exciting development for this new tourist destination.
Conveniently connected to all transportation systems, is just five minutes from Cam Ranh’s International Airport, 10 minutes to the Sea Port, 30 minutes to the bustling city of Nha Trang and its train station, KN Paradise Integrated Resort offers attractive opportunities for global investors, operators, and players to enter the vibrant and growing Vietnamese gaming market.
