Vietnam has decided to extend the trial period that allows its citizens to gamble at selected casinos until December 31, 2024, according to recent government reports. This extension, part of a pilot project that started at the Phu Quoc casino, aims to evaluate the viability and impact of permitting local residents to engage in casino gambling, a practice typically reserved for foreigners.
Details of the extended trial and financial performance:
The pilot initiative, originally set to conclude by 2022, has been extended for the Phu Quoc casino while other casinos will follow a three-year trial from the time they receive their operational certifications. This ongoing assessment led by the Ministry of Finance in conjunction with several other governmental bodies is crucial in determining whether to further extend, alter, or cease the trial post-2024.
The Phu Quoc casino, operational since January 2019, has shown mixed financial results over its pilot phase. While the casino’s revenue rose to VND 6.4 trillion (approximately $258 million) from 2019 to 2023, it also accrued a significant loss of VND 3.72 trillion (about $150 million) primarily due to high depreciation and financing costs. Despite these financial challenges, the casino has contributed nearly VND 3.69 trillion ($148 million) to the state budget over the same period.
As Vietnamnet reports, the casino has attracted nearly 295,943 Vietnamese players, representing 62% of its total patronage, with the age range of these gamblers spanning from 21 to 97 years. This demographic data is particularly significant as it helps in shaping future regulatory and operational strategies for casino businesses across Vietnam.
Concurrently, the Ministry of Finance has submitted a draft decree to amend casino business regulations, specifically extending the trial period for casinos permitting Vietnamese gamblers until the end of 2024. This amendment is part of broader efforts to refine the guidelines governing casino operations, ensuring they are well-regulated and conducive to both economic and social objectives.
Broader implications and future directions:
As part of its broader economic strategy, Vietnam is keen on developing an integrated resort sector that not only boosts tourism but also generates significant employment and revenue. However, the trial’s extension also underscores the complexities involved in balancing regulatory concerns with economic benefits. The outcomes of the Phu Quoc project and other similar initiatives will likely inform the future landscape of casino gambling in Vietnam.
According to Asia Gaming Brief, in alignment with this extended trial, the Politburo has approved continuing the Phu Quoc casino project until year-end and initiating a three-year trial for the Van Don casino once it commences operations. These steps reflect a cautious but structured approach to expanding Vietnam’s casino industry to include local participation.
This initiative remains a significant part of Vietnam’s evolving policy on gambling and its integration into the broader leisure and tourism industries. As the trial progresses, the involved ministries will continue to monitor and assess the implications closely, ensuring that decisions made are in the best interests of both the state and its citizens.
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