Vietnam Could Allow Locals In Integrated Casino Resorts
Vietnam’s gambling laws do not permit local residents to gamble at any of the casinos and this has proven to be a major stumbling block for the country to attract international casino operators and expand their lucrative casino market.
International casino operators are interested to develop integrated casino resorts but have been reluctant to make the investment as the current gaming regulators require casino operators to invest more than $2 billion to obtain a casino license.
Casino operators have not found this proposal attractive as they will have to depend solely on tourists to bring in revenue and as a result Vietnam’s casino industry has slowed down.
Professor Augustine Ha Ton Vinh who is a gaming market analyst and someone with close ties to Vietnam’s political arena had said in September that lawmakers were looking to remove the ban on locals to boost the casino industry. The professor recently told local media that he has information that a new gambling decree has been approved by the Politburo of the Communist Party that allow local residents to gamble at two integrated casino resorts in Vietnam for a three year trial period.
One resort is located Van Don Island, Ha Long Bay and the other Phu Quoc Island. These casinos are in North and South Vietnam and according to Ton Vinh, the government might consider adding two more casinos in Central Vietnam at a later period depending on how the initial experiment fairs.
The Ministry of Finance has prepared a new draft decree that allows locals who are over the age of 21 and earn more than $500 per month to gamble at these two casinos. They will have to show salary proof along with a no objection certificate from immediate family. They will have to pay an entrance fee of around $50 every time they visit the casino or obtain a monthly pass for around $1,100.
In a statement, Professor Augustine Ha Ton Vinh said
I believe Vietnam will see a new and booming gaming industry which will significantly help boost foreign direct investment, improve local and regional tourism, stem outflows of capital, develop new skilled labor, etc. I am confident the Ministry of Finance will get its final draft decree approved and will soon release it, possibly in the next few months
The Ministry of Finance has so far not released any official information regarding the new gaming draft decree.
Posted on: 2nd November 2016 by: Gary Beachley