Vietnam Leaves Billions on the Table

Sat, Oct 3, 2015

Vietnam’s seven foreigners-only casinos posted combined revenues of VND1.379 trillion (US$61.3 million) last year, according to newly released industry figures. Of that, the government took VND339 billion (US$15 million). Meanwhile, illegal betting is a big game.

Possible billion market

Vietnam’s seven casinos, all of which are open only to foreign passport-holders, posted combined revenues of VND1.379 trillion (US$61 million) in 2014, reports the Thanh Nien Daily. The Institute for Regional Sustainable Development reported that the casinos paid VND339 billion (US$15 million) in taxes for the period.

The Southeast Asian country’s 64 lotteries and two sports betting facilities earned a collective VND64 trillion ($2.85 million) in 2014.

Meanwhile, the Vietnamese are traveling in record numbers to spend their gambling dollars in Cambodia. A survey of gamblers in Tay Ninh Province shows about 200 people cross the border to gamble every day; that number can quadruple on weekends. The same report stated that casinos in Cambodia reap about US$250 million a year, mostly from Vietnamese gamblers.

Gaming operators are united in their opinion that if Vietnam opened the doors to locals, it would attract significant investment. According to Vietnam Netbridge, a fully developed casino industry in Vietnam could bring in revenues of $3 billion a year.

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