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 is sold with all kinds of government roadblocks

For whatever reason, in Asian and Russian countries, they like to zone off their casinos. Everything has to be in a designated ‘economic zone,’ perhaps showing that a lot of things in these countries are not meant to make lots of money, at the very least not if they’re legal.

New Casinos on the Runway

Vietnam fits this mold, and legal gambling enterprises remain a fairly new concept here, as well as almost solely 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 look at by the Japan Times wants to build a brand new casino project via his Tuan Chau Groupand its US partners in the Van Don Administrative Economic Zone in Quang Ninh province in the northeast region of Vietnam. He also really wants 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 can get ‘er done, Tuyen would be one of only 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 many casino investors was the somewhat odd dictum by the Vietnamese government that the minimum of US$4 billion be committed to any projected resort-casino plan; a number that is pretty Continue reading “Red Tape Could Stall Developer Who Wants to Build Casinos in Vietnam”

Nyc Casino Voter Referendum Wording Challenged by Attorney

Nyc Casino Voter Referendum Wording Challenged by Attorney

A November ny State casino referendum for voters has one lawyer questioning the ballot’s wording

In November, ny voters are scheduled to vote for a referendum that could enable several new casino resorts become built throughout the state. But if one Brooklyn lawyer is effective, that referendum will be halted due to language into the ballot question that he claims violates state law.

Referendum Language Questioned

The language in the referendum includes a quantity of ‘legislative purposes’ that paint the proposal in a light that is unmistakably positive. For example, the concern mentions ‘promoting work growth, increasing aid to schools and allowing neighborhood governments to lower property taxes.’ That language was approved by the State Board of Elections in July.

But now, attorney Eric J. Snyder is contending that the language in the bill violates New York law. Based on a lawsuit filed into the ny State Supreme Court, Snyder alleges that the language violates the continuing State Constitution’s prohibition on the application of public money in the aid of ‘private undertakings.’

‘The Constitution is pretty clear that you can’t use money that is public sway or influence a vote,’ Snyder said.

Snyder isn’t the one that is only has taken up issues with the language into the referendum. Many government watchdog groups also see it as one-sided, and groups that are religious also noted the language used when telling p Continue reading “Nyc Casino Voter Referendum Wording Challenged by Attorney”

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 support of resort operator EPR Resorts, previously known as EPT Concord. The organization is in charge of the construction and operation for the Montreign Resort in the Adelaar area in New York that could host the Montreign Casino. The court ruling ended lucky nugget casino sign up up being against real-estate designer Louis Cappelli and Concord Associates.

Back 1999, the designer’s Concord Associates bought a site that is 1,600-acre to build a casino resort. In 2007, the entity needed money of $162 million, which it borrowed from the former EPT. In order to secure its loan, it utilized the greater part of its property as security.

Although Concord Associates did not repay its loan, it might proceed with its policy for the launch of the casino but for a smaller slice of this previously bought web site. Yet, it had to finance its development in the shape of a master credit contract, under which any construction loan needs to 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 declined and Concord Associates brought the matter to court arguing that their proposal complied aided by the agreement between your two entities.

EPT, on the other hand, introduced its plans that are own the establishment of a casino resort. The gambling facility is to be run by gambling operator Empire Resorts. Continue reading “Appeals Court Backs EPT Concord in Concord Associates Agreement Case”