Business: Taiwan seeks investment for casinos

Taiwan officials announced Monday that they are seeking $909 million in private investment to build two resort casinos. According to the Taipei Times, Taiwan’s Cabinet-level Public Construction Committee said the casinos would be the largest of 12 it hopes to construct in the next eight years.

Officials said the two casinos would be located in Penghu Country, a region comprising some 90 islets approximately 44 miles off the west coast of Taiwan. Two possible locations, they said, were Houliao Bay and Huhsi Port.

The casinos are part of a 120-hectare “international vacation village” project, which Penghu County officials hope to construct. The village will also include a 2,000-room hotel, golf courses, duty-free shopping and an international convention center.

The project comes under the instigation of President Ma Ying-jeou, who espoused offshore gambling during his 2008 campaign. It would require a total investment of $122 billion of which Taiwan’s government would contribute $8 billion.

Plans for the resorts have yet to be drawn up as the project is awaiting the approval of the Offshore Islands Development Act in Taiwan’s Legislative Yuan, as well as a referendum by Penghu residents.

Should both legislative actions approve the project, officials said, formal planning will begin in 2009, a roll of investors will be finalized in 2010, and construction will get underway in 2011.

- Phill Provance
phill.provance@gamblingplanet.org

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06-Jan-2009, 04:39

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