Vietnam has extended the trial period allowing local citizens to gamble at select casinos until December 31, 2024, as part of its efforts to assess the impact of legalized gambling for locals. Initially implemented at the Phu Quoc casino, the trial has faced financial challenges but continues to attract significant domestic interest.
The Phu Quoc casino, which began operations in January 2019, has generated VND6.4 trillion ($258 million) in revenue over the four years from 2019 to 2023, according to Vietnamnet. However, the casino reported a cumulative loss of VND3.72 trillion ($150 million) due to high depreciation and interest costs.
The casino has drawn a steady stream of local players, with 295,943 Vietnamese citizens (62% of total players) visiting the casino during the trial period. The remaining 38% of players (179,507) were foreign nationals. The majority of Vietnamese players were aged 39, although the age range of local patrons varied from 21 to 97.
A draft decree proposing the extension of the trial period has been submitted by Vietnam’s Ministry of Finance, which would allow Vietnamese citizens to continue gambling at select casinos through the end of 2024. The decree also introduces a three-year trial period for new casinos once they receive their Certificate of Eligibility.
The Ministry of Finance, in coordination with other government bodies and local authorities, will conduct a thorough review of the trial’s outcomes. Based on these evaluations, the government will decide whether to extend or end the trial period. If no resolution is issued by the end of the trial, casinos will be required to temporarily suspend allowing Vietnamese citizens to gamble.
Vietnam’s broader ambitions to develop a thriving integrated resort (IR) sector have faced challenges. Both the Phu Quoc pilot project and plans for the Van Don casino, which will have a three-year trial period starting when operations begin, have encountered hurdles, including underdeveloped transportation infrastructure and rigorous documentation process for locals.
Original article: https://www.yogonet.com/international/noticias/2024/08/26/76643-vietnam-extends-casino-trial-for-local-patrons-through-2024-amid-mixed-financial-results
