Bac Ninh to be next destination of horseracing investment fad

Horseracing courses may be the newest fad luring foreign investors to the table, as yet another Korean enterprise has expressed interest in developing a course, this time in Bac Ninh.

According to information published on the website of the Bac Ninh People’s Committee, a Korean enterprise visited the province to find investment opportunities and study the ground for a horse racing course and amusement complex.

The project is expected to bring a total investment capital of $500 million for the first phase and generate 5,000-10,000 jobs.

Although there is no specific plan of implementation, the news shows that horseracing courses are coming in.

G.O. Max I&D of South Korea is still committed to develop a course in the northern province of Vinh Phuc. Moreover, the company wants to raise the scale of the project to $1.5 billion from the initially planned $570 million.

In addition to the horseracing course, the project is going to include a 72-hole golf course, a sports and entertainment area, a horse riding and polo club, residences, and villas on a total area of 750 hectares.

The horse racing course will take up 200 hectares and will feature three races a week. Besides, G.O. Max will build 70 outside betting points in 54 cities and provinces nationwide, as well as an online betting system and horse rearing and training areas.

On August 9, Hanoitourist Corporation (Hanoitourist) and Korean Global Consultant Network Co., Ltd. (GCN) signed an investment co-operation agreement on developing a five-star complex of hotels, a trade centre, and a racecourse in Hanoi.

Covering an area of 235 hectares in Tan Minh commune, the complex has a total investment capital of $500 million, 85 per cent of which will come from the Korean investor and the rest from Hanoitourist.

After the signing ceremony, the consortium will submit a document to the Hanoi People's Committee to secure approval for the project. Once completed, the complex is expected to become a highlight, attracting both domestic and foreign visitors to the capital, promoting Hanoi’s tourism development.

In the same line, in June Australian Golden Turf Club Limited Company received an investment certificate for a $100-million racecourse in the south-central province of Phu Yen. The course includes a grandstand, horse and dog racing tracks, and a high-class tourism area to prepare for betting services when the decree is ratified./.

( VNF/VIR )