There are interesting times in Vietnam as there are moves to allow locals to legally gamble in casinos. Many Vietnamese residents are of course finding other ways to gamble, and the government has been testing the water and the first set of results have proved positive.
At present locals travel to Cambodia and Laos to gamble. It’s clear that legalizing gambling for residents would lead to increased revenues. Why should other countries be making millions of dollars out of Vietnamese people gambling is the big question that the government must be asking themselves.
The government are keen to discover what would happen if they did allow Vietnam’s residents to legally gamble. They want to see how such a law change would affect society and whether an increase in gambling-related crimes might take place.
Locals have been permitted to legally place bets at the Corona Resort & Casino which is situated on Phu Quoc Island. This has been open since January of this year and figures for its first six months show that it is already making a profit. The casino is owned by Phu Quoc Tourism Investment and Development JSC.
They have reported a pre-tax profit of $4.7m for the first six months but a closer look at their figures makes for interesting reading. The company also owns hotels, restaurant and is in the villa management business. The casino side of their business is the only division that has made a profit with the other areas making losses with revenues falling by 10%.
The revenue from the casino, which is managed by Dutch company Uppfinity Gaming Management, accounted for half of the total revenue over the last six months taking $26.1m. The casino also has hotel accommodation and restaurants, it’s not clear just how much of that figure comes from gaming.
It is believed that two more casinos for Vietnamese locals may soon be on their way. One is likely to open in Van Don, which is in the north of Vietnam. The location of the other has yet to be revealed but the positive news from the Corona Resort & Casino is likely to lead to more changes in the future.