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Penghu County Solicits Funds for Casino Project

On January 31st, 2009, the local government of the offshore county of Penghu has decided to solicit private investment of NT$30 billion or an equivalent of $909 million to finance the development of casino resorts in the area, according to the Cabinet-level Public Construction Commission. As part of the Executive Yuan-initiated i-Taiwan 12 Development Projects, the Penghu County government has finalized an investment project to construct tourist casino facilities at two areas in the county, which is located in the Taiwan Strait.

PCC officials said that Penghu casino facility and resort project will be the biggest program of the i-Taiwan 12 projects. It has been estimated that the immense i-Taiwan 12 projects-initiated by the President Ma Ying-jeou during the campaign trail of 2008-will require an investment of NT$3.99 trillion over a period of 8 years, with the Taiwanese government funding NT$2.65 trillion and the private sector footing the rest of the bill.

According to PCC officials, the casino projects are anticipated to entice the private sector to invest at least NT$200 billion annually to capitalize on development projects. In Penghu, planning for the construction of an "international vacation village" which will be a one hundred twenty hectare zone offering a tourist hotel of more than two thousand rooms, a duty-free shopping area, an international convention center, golf courses, which will start this year.

Private investors are expected to be finalized by February 2010 with development work expected to start off in 2011. According to the Penghu county government, two locations, the Huhsi Port are and the Houliao Bay-are expected to be the leading candidates for the casino-resort development. However, the casino plans will remain on the drawing board until an amendment to the Statute of Offshore Island Development is approved by the Legislative Yuan, aside from a countrywide referendum signaling the approval of the casino facilities on Penghu.


03/10/2009 19:44 PM


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