Vietnam Extends Casino Gambling Trial for Citizens until Year End
The Vietnamese government has extended the trial period permitting citizens to gamble at specific casinos until December 31, 2024.
Vietnamese government extends citizen casino trial period.
LISTEN TO THIS ARTICLE:The extension comes as the Phu Quoc casino project reported mixed financial results for the pilot phase. According to local reports, the trial allowing Vietnamese citizens to gamble has so far been limited to the Phu Quoc casino, operational since January 2019. Between 2019 and 2023, this casino reported revenues of VND6.4 trillion (approximately $258 million), contributing nearly VND3.69 trillion ($148 million) to the state budget.
Despite seeing better business results in 2023 compared to the previous year, the Phu Quoc casino project still faced an overall loss of VND3.72 trillion ($150 million) due to significant initial depreciation and interest expenses.
Majority of Casino Patrons Vietnamese
During the period from 2019 to the end of 2023, the casino attracted 295,943 Vietnamese citizens, accounting for 62 percent of its patrons, and 179,507 foreign nationals, making up the remaining 38 percent. The age of Vietnamese gamblers ranged from 21 to 97 years, with most being around 39 years old.
The Ministry of Finance has submitted a draft decree to the Government proposing the extension of this trial period. If approved, other casinos will also have a three-year trial period starting from the issuance of their Certificate of Eligibility.
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Ministry of Finance to Carry Out Assessment
A comprehensive review and assessment will be conducted by the Ministry of Finance in collaboration with the Ministry of Public Security, the Ministry of Planning and Investment, the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam, and local People’s Committees where casinos operate. Based on this evaluation, authorities will decide whether to conclude or further extend the trial. Should the government not reach a decision by the end of the trial period, casinos will temporarily halt allowing Vietnamese citizens to gamble.
The Ministry of Finance emphasized the importance of clearly defining the trial period and evaluation criteria, noting that this clarity is crucial for assessing the impact of allowing Vietnamese citizens to participate in casino gambling. It also helps casino operators manage their businesses and strategize effectively.
In May 2024, the Politburo approved extending the trial period for the Phu Quoc casino project until the end of the year. Meanwhile, the Van Don casino project will undergo a three-year trial period starting from its operational commencement.
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