According to recent government reports, Vietnam has extended the trial period that permits its residents to play at specific casinos until December 31, 2024. A small trial project was initiated at the Phu Quoc casino to test whether locals can dip their toes into the casino gambling world. Who knew they were missing out on all the entertainment reserved for visitors only? Thanks to this solution, guests will be able to feel like part of the gaming world, remembering the popular GG Bet casino, which gave not only a decent GG Bet casino bonus but also the maximum number of bright entertainment for every taste.
Information On The Prolonged Trial’s Financial Results
When the Phu Quoc casino obtains its operational certifications, its three-year trial period will commence. Meanwhile, the pilot initiatives of other casinos, initially set to end by 2022, have been prolonged.
The Ministry of Finance, along with several other government bodies, are carrying out an ongoing review. The outcome of this will play a significant role in the decision to either continue, alter, or terminate the trial post-2024.
The financial track record of the Phu Quoc casino has been mixed since its opening in January 2019.
- The casino’s revenue rose to VND 6.4 trillion (approximately 8 million) between 2019 and 2023.
- However, it also incurred a substantial loss of VND 3.72 trillion (approximately 150 million), primarily due to high financing costs and depreciation.
- Despite these financial challenges, the casino has contributed nearly VND 3.69 trillion ($148 million) to the state budget over the same period.
Vietnamnet reports that approximately 295,943 Vietnamese players, making up 62% of the total clientele, have been drawn to the casino. The age range of these gamers is broad, spanning from 21 to 97 years old. This data isn’t simply for show; it plays a critical role in shaping the future management strategies of Vietnam’s casinos.
The Ministry of Finance has concurrently submitted a draft decree to alter the regulations of the casino industry. Specifically, it proposes to extend the trial period for casinos accepting Vietnamese gamblers until the end of 2024.
Future Prospects And Larger Repercussions
Vietnam is eager to develop a luxurious, integrated resort industry that will not only enhance tourism but also stimulate employment and income as part of its ambitious economic plan. However, prolonging the trial period emphasizes the difficult balance between meeting regulatory requirements and achieving financial benefits. The future of Vietnam’s casino industry may vary depending on the results of the Phu Quoc experiment and related initiatives.
The Politburo has sanctioned the continuation of the Phu Quoc casino project until the end of the year as part of an extended trial, according to Asia Gaming Brief. Concurrently, a three-year trial will commence for the Van Don casino once it is operational. This project remains a significant player in Vietnam’s burgeoning gaming industry, seamlessly integrating with the flourishing travel and entertainment sectors. The relevant ministries will closely monitor the progress of the trials.