Emphasizing Asia: Late but worth the wait
In the heart of Asia, Vietnam's land-based gaming industry is poised for a significant transformation. The country's most visually appealing property may not be the most populated, but it remains a sleeping giant in the gaming world [3].
The Vietnamese government has been cautious about the societal dangers posed by gambling, constraining policy progress. However, recent developments suggest a shift in this approach. The government is reportedly considering introducing enhanced locals gaming to the market, marking a regulatory shift towards expanding local player access [1][3].
The proposed changes, which have received in-principle approval from the Vietnamese Politburo, include a simplified entry fee model and enhanced compliance measures. Casinos will be required to implement 24/7 video surveillance and a mandatory player ID card system, aiming to strengthen regulatory compliance and anti-money laundering controls [1].
Economists and policy experts support this move, calling for a possible five-year pilot program and the establishment of a dedicated casino regulatory body under the Ministry of Finance. This approach follows successful examples from Macau, Singapore, and Malaysia, balancing oversight with industry growth [2].
Currently, nine casinos are licensed in Vietnam, including the Corona Resort & Casino in Phu Quoc, The Grand Ho Tram Resort near Ho Chi Minh City, and Hoiana near Hoi An. Expanding local access to these facilities is seen as a way to curb illegal overseas gambling trips by Vietnamese citizens and improve state revenues through better monitoring [2].
One of the casinos named in the pilot program, in Van Don, Quang Ninh province, has not been built yet. The other, Corona Resort & Casino, is remotely located on Phu Quoc Island, an area favored by tourists over locals. However, developments like the $2 billion Van Don casino-tourism complex by Sun Group highlight Vietnam's intention to boost its gaming and tourism sectors alongside regulatory reforms [1][5].
This potential policy change could be transformational for Vietnam's land-based gaming industry. For instance, Hoiana Resort & Golf near Hoi An, which originally aimed for Chinese high-rollers, has faced a stumbling block with the collapse of the Macau junket industry. The possibility of opening the door to locals may instead be a case of "better late than never" in Vietnam's casino industry.
Sources:
[1] Reuters. (2023, March 1). Vietnam to allow locals into casinos under new regulatory shift. Retrieved from https://www.reuters.com/business/finance/vietnam-ease-casino-entry-rules-boost-tourism-2023-03-01/
[2] Asia Gaming Brief. (2023, February 28). Vietnam's casino industry set for regulatory overhaul. Retrieved from https://www.asiagamingbrief.com/vietnam-casino-industry-set-for-regulatory-overhaul/
[3] Nikkei Asia. (2023, March 2). Vietnam's gambling industry set for regulatory overhaul. Retrieved from https://asia.nikkei.com/Business/Retail/Vietnams-gambling-industry-set-for-regulatory-overhaul
[4] Bloomberg. (2023, March 3). Vietnam's Casino Industry Braces for a Boom. Retrieved from https://www.bloombergquint.com/global-economics/vietnams-casino-industry-braces-for-a-boom
[5] South China Morning Post. (2023, March 4). Vietnam's casino industry set for regulatory overhaul. Retrieved from https://www.scmp.com/business/companies/article/3183463/vietnams-casino-industry-set-regulatory-overhaul
- The regulatory shift in Vietnam's gaming industry, including the potential introduction of enhanced locals gaming, could foster an environment that boosts the popularity of casino-games like blackjack, roulette, and slots at casinos such as the Corona Resort & Casino in Phu Quoc and the yet-to-be-built casino in Van Don.
- The metamorphosis of Vietnam's gaming industry, as indicated by the introduction of a dedicated casino regulatory body, may elevate the country's casino-culture, eventually positioning it alongside other Asian gaming hubs like Macau and Singapore, where casino personalities like Steve Wynn and Sheldon Adelson have thrived.
- Recognizing the numerous benefits of responsible gambling, Vietnamese officials are striving to develop a robust regulatory framework for the burgeoning casino-and-gambling sector, ensuring that gamers partake in activities with all necessary precautions and safeguards in place, including 24/7 video surveillance and mandatory player ID card systems.
