GGRAsia – Vietnam local play pilot said to be extended to end-2024

Vietnam local play pilot said to be extended to end-2024

Aug 27, 2024 Newsdesk Latest News, Rest of Asia, Top of the deck

Corona Resort and Casino, the only Vietnam casino resort actively involved in the country’s pilot scheme to allow economically-qualified locals to gamble, will have such permission extended to the end of this year.

The pilot could be terminated after that, if the central authorities assess it is not worthwhile, according to a report in news outlet VietNamNet, citing a draft document amending an existing government decree on the topic.

As per the news outlet, the paper has been submitted by the Ministry of Finance to the country’s central authorities.

The media outlet stated the trial period allowing Vietnamese citizens to play at Corona Resort and Casino (pictured), in Phu Quoc, in Kien Giang province, will be extended until December 31 this year.

The report said that the finance ministry – in collaboration with the Ministry of Public Security, the Ministry of Planning and Investment, the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam, and local People’s Committees where casinos are permitted – would “conduct a comprehensive review and assessment” at the end of the extended trial period.

VietNamNet added: “Based on these evaluations, the authorities will decide whether to terminate or continue the trial. If the government does not issue a resolution by the end of the trial period, the casinos involved will temporarily suspend allowing Vietnamese citizens to play.”

Should the trial be continued, for any other casinos involved in the process, the trial period will be three years from the date of receiving a document known as the Certificate of Eligibility for Casino Business.

It has previously been reported that a second site is already allowed in principle to serve locals. The Van Don scheme, in Quang Ninh province, is being promoted by Vietnamese firm Sun Group. As per the most recent local media reports, the complex was yet to open.

The media platform cited data – without identifying the source – indicating that from 2019 to the end of 2023, a tally of 295,943 Vietnamese citizens – 62 percent of total players – and 179,507 foreign nationals had wagered at Corona Resort and Casino.

The 2019 to end of 2023 time frame encompassed the period of the Covid-19 pandemic, when many Southeast Asia countries including Vietnam, had travel restrictions in place as steps to combat the global health emergency.

Corona Resort and Casino opened in January 2019. Its launch marked the start of the pilot scheme.

VietNamNet said that from 2019 to 2023, Corona Resort’s casino generated cumulative revenue of VND6.40 trillion (US$257.1 million), contributing just under VND3.68 trillion to the state budget.

The media outlet said that although Corona Resort’s casino saw improved business results in 2023 compared to 2022, it still recorded an accumulated loss of just above VND3.72 trillion due to high initial depreciation and interest costs.