Vietnam’s first casino for locals begins profitably

By Phuong Dong   October 2, 2019 | 10:49 pm PT
Vietnam’s first casino for locals begins profitably
Casino Corona, located on Vietnam's largest island Phu Quoc, is the only casino open to locals. Photo by Shutterstock/Visualize Creative.
Casino Corona has made a profitable start, earning a pre-tax profit of VND108 billion ($4.67 million) in its first six months of operation.

Its owner, the Phu Quoc Tourism Investment and Development JSC (PQT), reported revenues of VND1.15 trillion ($49.69 million) in the period, down 10 percent year-on-year, with the new casino accounting for VND605 billion ($26.14 million).

PQT’s other operations like hotels, restaurants, villa management, and business cooperation contracts all suffered operating losses.

Corona, which opened in January, is part of an ecotourism and amusement complex built by the Phu Quoc Tourism Investment and Development JSC at a cost of VND50 trillion ($2.16 billion) on Phu Quoc Island off Vietnam’s southern coast.

It is in a three-year trial phase, operating 24/7, and Vietnamese who want to gamble must be over 21 years, earn a minimum of VND10 million ($433) a month and have no criminal record or objections from family.

The entry fee is VND1 million ($43) for 24 hours or VND25 million ($1,080) a month.

The government, which treats gambling as a ‘social evil’, allowed Vietnamese to enter a casino for the first time last September. Casino Corona is the only casino allowed to open to locals to date on a pilot basis. 

Vietnam has six other casinos, but they are open only to foreign passport holders. 

According to gambling information provider World Casino Directory, there are also 23 electronic gaming clubs in the country. 

Vietnamese gamblers usually head to border casinos in neighboring Cambodia and Laos, while those who could afford it go further afield to places such as Jeju Island in South Korea, Singapore or Macau, the World Casino Directory said.

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