Family members must be unopposed
The government of Vietnam may open two casinos to local gamblers if they meet a number of conditions. According to reports, draft legislation that would allow residents to gamble requires that they be at least 21 years of age, earn at least VND10 million (US$440) per month, and have no criminal record or pending criminal charges against them.
In addition, would-be gamblers must have no family members who oppose the pastime. Any family member—including parents, spouses, children and even in-laws—may request that a relative be banned from the two casinos.
On December 26, Vietnamese Prime Minister Nguyen Xuan Phuc announced that the government would finally allow its own citizens to enter and play at two of the country’s three dozen gaming halls, in part to lure new investment, and also to keep local gamblers and their money at home. One of the two casinos is now under development in the Van Don Special Economic Zone, and the other is being built on Phu Quoc Island. After a three-year trial, the government will consider letting locals gamble elsewhere in the country.
Though the minimum income levels seem meager by Western standards, the average worker in Vietnam only made about $2,200 last year, meaning most won’t be able to play within the country’s borders, reports Casino.org. Using Singapore as a model, Vietnam also plans to impose an entry fee for locals of VND 1 million ($44) per day or VND 25 million ($1,100) for a monthly pass, reported CalvinAyre.com—which could put domestic casinos further out of reach for the Vietnamese.
Even so, opening the doors to locals could mean a surge in development in the Southeast Asian country. According to VN Express, Las Vegas Sands Corp. Chairman Sheldon Adelson has traveled several times to Vietnam with members of his development team, and international investors are also keeping their eyes on the country. LVS is reportedly interested in building an integrated resort in Ho Chi Minh City, the former Saigon.
Possibly anticipating new interest in the country, the government has lowered its previous minimum investment of $4 billion to $2 billion, reported GGRAsia.
Last year, Union Gaming analyst Grant Govertsen said international investors see Vietnam “as one of the prized global greenfield opportunities”—but only if it opens the door to locals. And Shaun McCamley, head of Asian operations at Global Market Advisors, told CNBC.com that the existing ban “kills any interest for large gaming companies to invest in IR projects.”
Vietnam is seen “as a potential great investment opportunity should the government allow locals,” Govertsen said. “Las Vegas Sands has been the most visible and vocal major gaming developer who has an interest in Vietnam.”
