Vietnam has decided to prolong the trial allowing its citizens to gamble at designated casinos until December 31, 2024, according to recent government updates. This extension, which is part of a pilot program initiated at the Phu Quoc casino, aims to assess the feasibility and impact of allowing local residents to participate in casino gambling, a practice generally restricted to foreigners.
Details On The Extended Trial And Financial Performance:
The pilot program, initially set to end in 2022, will continue for the Phu Quoc casino, while other casinos will undergo a three-year trial from their operational certification date. This ongoing evaluation, led by the Ministry of Finance in collaboration with other government agencies, is crucial in deciding whether to extend, modify, or terminate the trial after 2024.
The Phu Quoc casino, which has been operating since January 2019, has had mixed financial outcomes during its pilot phase. Although its revenue increased to VND 6.4 trillion (approximately $258 million) from 2019 to 2023, it also faced a significant loss of VND 3.72 trillion (about $150 million), mainly due to high depreciation and financing costs. Despite these financial difficulties, the casino has contributed nearly VND 3.69 trillion ($148 million) to the state budget over the same period.
According to Vietnamnet, the casino has drawn nearly 295,943 Vietnamese players, accounting for 62% of its total visitors, with ages ranging from 21 to 97. This demographic information is crucial for shaping future regulatory and operational strategies for casinos across Vietnam.
Simultaneously, the Ministry of Finance has proposed a draft decree to revise casino business regulations, extending the trial period for casinos allowing Vietnamese gamblers until the end of 2024. This amendment is part of broader efforts to refine casino operational guidelines, ensuring they meet both economic and social objectives.
Broader Implications And Future Directions:
As part of its wider economic strategy, Vietnam aims to develop an integrated resort sector that enhances tourism while generating significant employment and revenue. However, the extension of the trial highlights the challenges of balancing regulatory concerns with economic benefits. The results of the Phu Quoc project and similar initiatives will likely shape the future of casino gambling in Vietnam.
According to Asia Gaming Brief, the Politburo has approved the continuation of the Phu Quoc casino project until the end of the year and has also authorized a three-year trial for the Van Don casino once it becomes operational. These steps represent a cautious yet structured approach to expanding Vietnam’s casino industry to include local participants.
This initiative is a key component of Vietnam’s evolving gambling policy and its integration into the broader leisure and tourism sectors. As the trial progresses, the involved ministries will continue to monitor and evaluate the implications to ensure that decisions benefit both the state and its citizens.
