As Vietnam’s program begins to see if it should allow locals to play legally in casinos – it can’t stop them from playing illegally elsewhere – it’s starting to show signs of life, it seems to be a worthwhile industry. A government-created pilot program that allows locals to play at Corona Resort & Casino has delivered initial results, and the gambling resort of Phu Quoc Island has received a strong positive response.
Vietnam’s first casino for locals turns a profit after six monthsAfter data from the casino’s parent company, Phu Quoc Tourism Investment and Development JSC, it had a pre-tax profit of 4.7 million US dollars in the first six months of the year. Pilot. Of all the company’s activities, including hotels, restaurants, villa management and others, the casino was the only department to report a profit – the rest suffered losses during that time.
Overall, the company’s revenue fell 10% to USD 49.7 million. On the other hand, the casino, which is managed by Uppfinity Gaming Management from the Netherlands, generated revenue of USD 26.1 million – more than half of the total amount the company took. What was not entirely clear, however, was whether this figure was due to the accommodation’s gaming operations or everything on the property, including hotel accommodation and food and beverage services.
Corona opened its doors last January. It could eventually be supplemented by two other gambling facilities, one in Van Don in the country’s northern region and the other in an as yet unknown location to allow locals to gamble. The Vietnamese government launched the pilot program to determine what would happen if it opened up the gambling industry to the country’s residents, and how activity affects society or an increase in gambling crime could cause it.
The entire gambling industry across Asia is changing, and Vietnam recognizes the opportunities that activity could bring to the country. Currently, many players will travel to Cambodia or Laos to enjoy games, which means that Vietnam is missing established revenue channels. There are also indigenous people with deeper pockets heading to places like Macau or South Korea, and Vietnam’s government is looking for ways to bring millions of dollars home instead of losing them to other countries.