Matrix Holdings – an investment firm from Hong Kong has proposed the development of a horse-racing course and horse breeding center in DaNang city of Vietnam.
According to a report on VNExpress, a local news channel, the construction of the facilities would begin this year and cost a combined US$200 million if approved.
A US$500 million entertainment complex and horse racing course is already under construction near Hanoi after the National Assembly legalized sports betting in 2017 and enacted laws that opened the door for greater foreign investment 12 months later. ASGAM reported on Thursday.
However, the proposed DaNang facility is yet to be confirmed with the government still in negotiations with Matrix Holdings.
“The biggest difficulty for investors is finding land suitable for the size of the projects,” said Huynh Lien Phuong, Deputy Director in charge of the Investment Promotion and Support Board under the DaNang City People’s Committee.
“The city no longer allocates land directly to investors as before. Instead, they will have to participate in a public auction or bidding process.”
In Binh Duong Province of Vietnam, another racecourse has been started operating at the Dai Nam Park. The racecourse has 60 hectares area. The horse-racing course has 1.5 kilometres distance. The racecourse organizes horse racing, dog racing, pro-kart racing, jet-ski racing and fly-board performances. In the first phase of construction, the grandstand have the capacity of 20,000 seats, in the next phases; the capacity will be upgraded to up to 60.000 seats. Ticket prices range is from US$ 13 to US$45 (VND 300,000-1,000,000, entrance ticket of the park are included.