Good morning. It’s always darkest before the Don. Vietnam’s ambitious plans to develop a thriving integrated resort (IR) sector have encountered significant hurdles, with the Phu Quoc pilot project and the Van Don plans facing notable challenges. Despite these setbacks, some experts remain cautiously optimistic, citing the region’s recovering tourism industry and Vietnam’s overall economic resilience, potentially benefiting the IR sector in the long run. Meanwhile, for Fitch’s CreditSights Las Vegas Sands demonstrated ‘resilience and growth’ in its second-quarter 2024 performance. Also, in a major deal, IGT Gaming and Everi Holdings will be acquired by funds managed by Apollo Global Management in an all-cash transaction valued at approximately $6.3 billion.
What you need to know
- Vietnam’s Phu Quoc and Van Don IR projects face significant delays, with underwhelming progress and ongoing losses.
- LVS demonstrated ‘resilience and growth’ in 2Q24 performance, with additional improvements to come as renovations finish: Fitch CreditSights.
- IGT Gaming and Everi Holdings will be acquired by funds managed by Apollo Global Management for approximately $6.3 billion.
On the radar
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- Senate hearing and anti-POGO ops continue in the Philippines.
AGB Intelligence
VIETNAM
Vietnam’s IR rollout hits roadblocks
Vietnam’s ambitious plans to develop a thriving integrated resort (IR) industry have encountered significant challenges. The Phu Quoc pilot project, including the Corona Casino, has struggled with underdeveloped transportation infrastructure and high entry requirements for local Vietnamese, leading to accumulated losses. The Van Don project, with investments from companies like FLC and Sun Group, has also faced delays due to issues with land use rights, complex terrain, and the underwhelming performance of the Corona Casino. While some experts remain cautiously optimistic about the region’s tourism recovery and Vietnam’s economic resilience, the realization of Vietnam’s IR potential remains uncertain as these flagship projects continue to falter.
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