• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Las Vegas Sands watching Vietnam closely: Tanasijevich

Mar 06, 2017 Newsdesk Latest News, Rest of Asia, Top of the deck  


Las Vegas Sands watching Vietnam closely: Tanasijevich

“Uncertainty and risk” remain for investors regarding the Vietnam casino market, said George Tanasijevich, a senior executive with casino operator Las Vegas Sands Corp, in comments reported by the Vietnam Economic Times news outlet.

But he added, in an interview published last week: “Our desire to invest and develop an integrated resort in Ho Chi Minh City and/or Hanoi remains unchanged.”

The firm has previously expressed interest in building a gaming resort in Vietnam – provided that such a facility could be open to local players.

On January 20, the Vietnamese government published a decree paving the way for selected domestic casinos in that country to accept bets – for the first time – from economically-qualified Vietnamese gamblers aged 21 and over. The initiative would be for a trial three-year period.

Only casino resorts with a total capital investment of at least US$2 billion – including gaming and non-gaming facilities – would be eligible to welcome Vietnamese to gamble, the AFP news agency reported at the time.

Based on other information coming from the country via local media, it is not yet clear how many casino resorts might be allowed to offer gaming for locals, and in what locations.

Mr Tanasijevich (pictured), president and chief executive of Las Vegas Sands’ unit Marina Bay Sands Pte Ltd – operator of the group’s Marina Bay Sands resort in Singapore – is also managing director, global development, for the group.

He reportedly told the Vietnam Economic Times, regarding investment in Vietnam: “There is still uncertainty and risk from the perspective of the investor, given that local entry is being introduced as a three-year pilot programme. We will closely follow the programme and assess our opportunities.”

Mr Tanasijevich said in order to support a multibillion U.S. dollar project and to maximise the economic benefits for the country, any resort should be in a “central urban location”. He mentioned the southern metropolis of Ho Chi Minh City or the capital Hanoi in the north, adding that schemes in such places would provide “the greatest economic impact for Vietnam in terms of job creation, increased tourism, economic growth, and tax revenue”.

MICE facilities

A Las Vegas Sands-built “world-class MICE [meetings, incentives, conferences and exhibitions] facility would help to boost tourism and enhance Vietnam’s reputation as a place to do business,” stated the executive.

“We view Vietnam as a market that has a huge upside for business and leisure tourism,” he added.

According to the Vietnam National Administration of Tourism, the total number of arrivals to the country by international visitors rose 26 percent year-on-year in 2016, to just over 10.01 million. Macau received three times that number of visitors in 2016, including arrivals from mainland China.

For Vietnam, mainland China was the largest single contributor to the annual visitor tally, accounting for 27 percent of arrivals, or nearly 2.70 million visits. South Korea was the second-largest contributor, with 15 percent of arrivals, or 1.54 million visits.

AFP reported that the Vietnam government’s January 20 decree mentioned local gamblers would need to have a monthly income of at least VND10 million (US$439) to enter local casinos and gamble.

Mr Tanasijevich was quoted saying that Las Vegas Sands’ experience of running gaming in Singapore – a jurisdiction where locals must pay a casino entry levy and where the city-state’s government actively promotes responsible gambling and harm mitigation programmes – would be of benefit were it to run gaming in Vietnam.

“We will work closely with local authorities to manage a set of social safeguards. We have experience with social safeguards in Singapore that have proven effective at lowering levels of problem gambling within the community,” the Las Vegas Sands executive was quoted as saying.

Sheldon Adelson, chairman and chief executive of Las Vegas Sands, on February 21 reaffirmed the group’s interest in building a casino resort in a major urban centre in Japan, following that country’s legalisation in December of such business. He told an investor conference in Tokyo that day, he expected it could cost up to US$10 billion to build.


  • tweet
Related articles
  • Foreigner-only Vietnam casinos seek local trade: report
    Foreigner-only Vietnam casinos seek...

    Mar 02, 2021  

  • Border casino op Donaco posts positive EBITDA for Jul-Dec
    Border casino op Donaco posts positive...

    Feb 26, 2021  

More news
  • Covid-19 test cert no longer needed for Macau casino entry
    Covid-19 test cert no longer needed for...

    Mar 02, 2021  

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award
    Lim Kok Thay, GEN Singapore execs in...

    Mar 02, 2021  


Latest News

Covid-19 test cert no longer needed for Macau casino entry

Covid-19 test cert no longer needed for Macau casino entry

Mar 02, 2021  

From after the stroke of midnight on Wednesday (March 3) people wishing to enter Macau casino floors will no longer need to show a test certificate proving they are free of Covid-19 infection, said...
Read More
Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award

Lim Kok Thay, GEN Singapore execs in US$1.3mln stock award

Mar 02, 2021  

Five groups qualify for next phase of Nagasaki casino tilt

Five groups qualify for next phase of Nagasaki casino tilt

Mar 02, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

”Consumers are increasingly comfortable using cashless technology, and they will continue to expect this option to be available on the floor"

Matt Wilson

Chief executive – gaming business at casino equipment and technology supplier Scientific Games



Most Popular

  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Melco’s Lawrence Ho hopeful on Macau recovery in MarchMelco’s Lawrence Ho hopeful on Macau recovery in March February 26, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
  • Suncity to open clubs at Londoner Macao, Lisboa PalaceSuncity to open clubs at Londoner Macao, Lisboa Palace February 26, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us