Lawmakers in Vietnam are extending a pilot program allowing citizens to take part in casino gambling, an activity once restricted to foreigners. The Vietnamese locals casino trial, originally set to conclude in 2022, will now run until 31 December.
In 2016, the Politburo approved two local casinos that would operate on a test basis for three years. One would be developed in Phu Quoc, Kien Giang Province. The other would be located in Van Don, Quang Ninh Province.
Only the first was completed, opening in January 2019. To enter, locals had to be at least 21 years old and show proof of monthly income exceeding VNĐ10m (£304.20/€360.50/$402.50). They were required to pay an entry fee of VNĐ1 million for a 24-hour pass.
Corona, meet coronavirus
But the trial run, at the unfortunately named Corona Casino, was interrupted by a virus of the same name. In 2021, the gaming hall closed for months amid a surge in Covid-19 infections and restrictions. It was then that the government considered extending the trial period.
The Van Don casino project was never finished.
Since 2019, the Corona Casino—now familiarly known as the Phu Quoc—has served almost 300,000 locals and 180,000 non-Vietnamese.
Sub-par revenues
Returns at the Vietnamese locals casino haven’t broken any records. Through 2023, Vietnamese gamblers spent a collective VNĐ242bn on entry passes at Phu Quoc. The casino won VNĐ6.404tn in accumulated revenue, adding VNĐ3.679tn in taxes to state coffers.
In addition, last year the casino posted cumulative losses of VND3.7bn, a consequence of high initial depreciation and interest costs.
At the end of the trial in December, officials will determine if they will continue the experiment allowing Vietnam citizens to gamble. If not, the trial will be suspended.
Original article: https://igamingbusiness.com/casino/vietnam-extends-locals-casino-pilot-program/
