Casinos not identified yet
The long-awaited trial of locals gaming at Vietnam casinos will begin December 1. Vietnamese nationals over the age of 21 who enter casinos must offer proof that they earn a monthly income of at least VND10 million (US$440) or are taxed at “Level 3” or higher, reported Inside Asian Gaming.
They will also be required to buy tickets for entry. Previous reports have indicated the fees could be set at VND1 million (US$44) for a single ticket or VND25 million (US$1,100) for a monthly pass.
Casinos must keep records of local patrons and maintain them for at least five years, according to the Asia Gaming Brief.
As of last week it was still unknown which casinos would open their doors to residents. CalvinAyre.com cited earlier reports that indicated only two venues—one in Quang Ninh Province and the other on Phu Quoc Island—would participate in the pilot program. In August, Union Gaming Asia Securities Ltd. stated those casinos were “guaranteed” to be part of a three-year trial. But both of the properties are still under construction.
The move could prove a blow to casinos in Cambodia, many of which are clustered along the border with Vietnam and primarily serve Vietnamese customers. According to a January report in the South China Morning Post, the city of Bavet, home of up to 12 gaming halls, is known as “casino city” among the Vietnamese. As gaming industry consultant Jonny Ferrari told the Post, “Every day, it is only Vietnamese coming in—in and out, in and out, all the time.”
The Cambodia Daily called the plan to welcome locals to Vietnam casinos a possible “death knell” for some of their counterparts in Cambodia.
In addition to the casino trial, Vietnam’s Finance Ministry also has authorized a five-year trial of betting on international football matches, greyhound and horse races. That program will also launch on December 1.
In September, a lawmaker further suggested the government should consider regulated prostitution in economic zones where locals casino gaming will be tested.
Phung Quoc Hien, vice chairman of the legislative National Assembly, said legal red-light districts in Quang Ninh and on Phu Quoc could also be tested on a three-year basis.
“Life has such realistic demands,” Hien told parliament. “We’ve got to go with the flow and work out an appropriate management mechanism.”
Meanwhile, Phase I of the $4 billion Hoiana casino on Vietnam’s central coast will create an estimated 2,000 jobs for locals, according to a statement from the developer. The first phase is schedule to open in the first half of 2019.
The project is a joint venture that also includes Suncity Group, Vietnam-based asset management firm VinaCapital Group, and a subsidiary of Hong Kong-based Chow Tai Fook Enterprises Ltd., reported GGRAsia.
The developer says Hoiana, to be built in phases “over the next 10 to 15 years,” will eventually include hotels, homes, a beachfront village, a conference center, a hospitality college, a “water sports hub” and a “giant lagoon” for swimming.
The project would “set a new benchmark for high-end tourism in Vietnam, bringing economic prosperity and opportunity to Quang Nam Province,” said Amy Do, the project firm’s head of business development. The first phase of Hoiana is set to open in the first half of 2019.
Hong Kong-listed Suncity Group Holdings Ltd. is seeking a 34 percent stake in the project company, which is currently 68 percent owned by Gold Yield Enterprises Ltd. That company is 50 percent owned by Alvin Chau Cheok Wa, chairman of Suncity Group Holdings and head of Macau junket investor Suncity Group. The remaining 32 percent of Hoiana project is controlled by VinaCapital.
“As the casino is mainly driven by the junket model, it is expected that major portion of the casino revenues will be generated by VIP patrons introduced by junket operators,” the filing stated.
