Casinos in the pipeline in Quang Nam, elsewhere
A casino on the Vietnamese island of Phu Quoc is expected to reap gross tax revenues of VND19.95 trillion (US$860 million) in its first five years of operation, according to the Ministry of Planning and Investment.
According to the Hanoi Times, the casino is part of a tourism and entertainment complex from the Phu Quoc Tourism Development and Investment Company, in which Vingroup holds a 50 percent stake. The casino is one of the first properties in Vietnam chosen for a three-year trial of locals gaming that will begin in 2021. Previously, only foreign passport holders were allowed to gamble in the country’s 30 casinos and gaming halls.
According to Tuoi Tre News, the Ministry of Finance will confer with government agencies before issuing the casino license, expected to have a 20-year term. The project will be the largest casino resort in Vietnam with 200 card game tables and 2,000 slots.
The decision to permit Vietnamese to gamble was made in January 2017. Those gamblers must be 21 years of age or older and who have a regular income of at least VND10 million (US$441) per month to enter and play at Vietnam-based casinos. They must also pay VND1 million (US$44) to make a 24-hour visit or VND25 million (US$1,100) to get a month-long pass. Proceeds from ticket sales are earmarked for the province where the casino is located.
The government has also OK’d a US$2 billion casino in Thua Thien-Hue Province to be operated by Laguna Lang Co., and a US$4 billion casino in Quang Nam Province to be operated by a venture group that includes VinaCapital, Chow Tai Fook Enterprises and SunCity Group.
Other US$3 billion casino projects are on tap for Van Don, Bac Van Phong and Phu Quoc, which will likely become the first three special economic zones in the country, the Times reported.
