South Korean investor pouring in $1.5B to build racetrack in Vietnam

Continued delays on Vietnam’s sports betting decree will not stop a South Korean company from its plans to build a racetrack in the northern province of Vinh Phuc.

South Korea’s G.O.Max I&D has reportedly submitted a plan to Vinh Phuc authorities to increase its initial investment from $570 million to $1.5 billion, according to local media outlets.

G.O.Max plans to build an international racecourse and sports and entertainment complex on a 750-hectare land in Vinh Phuc. The project will include a 72-hole golf course, a sports and entertainment area, a racetrack, a sports and entertainment area, an equestrian center and polo club as well as housing and villas.

The racetrack alone will cover around 200 hectares, according to the company. If the project pushes through, G.O.Max plans to hold race meetings three times a week. The company hopes to operate online gambling sites and open at least 70 betting shops in 54 cities and provinces around Vietnam—if the decree on sports betting passes.