US$100 million horseracing and recreation project revoked
Along with massive investment in newly-registered horseracing projects, numerous existing projects have yet to reach the construction phase-some are even facing the risk of being revoked due to long delays in construction.
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The southern province of Binh Phuoc has issued the decision to revoke the investment certificate of a US$100 million horseracing course and recreation complex project due to the long delay in construction, according to newswire Vnexpress.net.
Licensed in August 2010, the 200-hectare project will be built by Australian-owned Binh Phuoc Entertainment Company Limited in Thanh Tam Commune, Chon Thanh district.
It will include a race track, villas, shopping malls, healthcare centre, a three-star hotel, and venues for other sports. It will also open a club for horseracing and training.
The investor also plans to import the entire line-up of racehorses from Australia.
At the time of licensing, the new track was expected to replace Phu Tho Horse Racecourse in Ho Chi Minh City, which was closed in 2011, after the municipal sports department refused to renew its contract with the operating firm, as the country's only equestrian track.
However, six years after the project was licensed, the construction has yet to be implemented, despite the authorities’ extending the deadline on numerous occassions.
Another example suffering from the long delay is the Thien Ma Madagui project in the central highlands province of Lam Dong.
The project is developed by Thien Ma Madagui Racing JSC, a joint venture between Thien Ma Entertainment JSC and Hong Lam Madagui Limited Company, with a total investment capital of US$50 million.
The complex, featuring a race track, a polo club, and an equestrian centre, was expected to attract even greater numbers of domestic and foreign tourists to the already popular central highlands province, the capital of which is the renowned hotspot Da Lat.
According to the plans, the construction of the project will be completed in 2014, however, as of April 2016, there has been no sign of advance, except for some categories, such as three breeding stables holding about 100 horses, a horse training area, a veterinary dispensary, and housing for workers.
According to the latest developments, a representative from the Lam Dong Department of Planning and Investment confirmed that Thien Ma Madagui racecourse has been reactivated, however, there is no specific information about the project’s construction progress.
