Thu, Jan 24, 9:58pm by Staff Writer
The first casino that allows Vietnamese citizens to gamble has opened on Phu Quoc, the country’s largest island. The Corona Resort and Casino has gone live and boasts a 30,000 square-metre casino floor with more than 200 gaming tables and well over 2,000 poker machines.
The complex features 2,000 five-star hotel rooms, 10 coastal villas, a convention centre, theatre, shopping mall, water park, spa, restaurants, bar and 18-hole golf course.
Daily casino operations will be overseen by Upffinity Gaming Management, a casino management firm of the Netherlands.
Upfinnity CEO Daniel Kupsin said Vietnam has an increasing number of domestic and international tourists, who have high demands for high-end hotels and entertainment services.
Phu Quoc Tourism Investment and Development Jsc has built the property and is part owned by the country’s largest conglomerate Vingroup.
Locals will be permitted onto the gaming floors for the first time in Vietnam with this new casino adding to its seven existing casinos, mostly at the country’s borders catering for foreign tourists.
Under a new government-endorsed programme, the Phu Quoc casino will allow locals to enter and gamble during a three-year trial period.
Vietnam’s first #Casino for locals opens on three-year trial basis | read: https://t.co/z6rtjZzlfb | #Asia #Brands #Business #Company #Entertainment #Expansion #Lifestyle #Living #LocalVietnamese #Luck #Luxury pic.twitter.com/WywPq049Lt
— Retail News Asia (@retailnewsasia) January 23, 2019
This will allow local lawmakers to determine whether residents should be allowed to gamble at local casinos permanently.
Only people aged 21 or over are able to gamble on the gaming floor.
There is an entry fee of VND1 million (US$43) to enter, while a monthly pass costs VND25 million (US$1,000).
The casino will be open 24/7 during the three-year trial period. Vietnamese passport holders will be allowed to gamble only if their minimum monthly income is VND10 million (US$430) or more and have no history of criminal offences.
In Ho Chi Minh City, the monthly average salary was recently counted at VND 10.37 million (US$447.46), which is the highest in the country.
Salaries in Vietnam are rising fastest than nearby economies in Southeast Asia and this has drawn interest from investors abroad according to Casino.org.
The average annual growth rate in Vietnam is 20-24 per cent compared to 14-20 per cent in Indonesia, Thailand and the Philippines.
That promising salary trend and economic growth is part of the reason a Las Vegas Sands spokesperson said in 2016 that the company “has been interested in Vietnam for years.”
Phase One of the project is estimated to have cost $1 billion.
Another $1 billion will be spent in the second phase of development.
Elsewhere in Vietnam, a gaming license was given to the Laguna Lang Co Resort which is expected to open in 2022.
Once finished it will feature 500 gaming machines and 50 table games, as well as 2,200 villas and apartments.
The largest casino in the northern Quang Ninh Province of Vietnam, the Royal Casino, last year reported a profit for the first time in three years according to Retail News.
Its operator Royal International Corporation said revenues grew by 48 per cent from the previous year to VND288 billion (US$12.39 million) and profit after tax to VND 17 billion (US$731,263) in 2018.
This is the company’s first profit since 2015.
The owner of the company is Khai Tiep International Investment Limited and it is registered in the Cayman Islands.
The casino accounted for US$7.66 million in revenue, with the rest coming from hotel, villa and hospitality-related services.
The company said that the growth in casino revenue is due to the increase in the number of customers using an expressway connection between Ha Long town with the northern Hai Phuong City which opened last September.
It cuts travel time from the capital to Ha Long by half to just 90 minutes.
The company also saved US$688,192 last year in sales and management costs, while shedding 80 employees.
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