Operator News
Vietnam – Vietnam’s local player pilot sees fall in Vietnamese visitation in 2023
By Phil - 18 March 2024
The Vietnamese Ministry of Finance has revealed that the pilot project allowing Vietnamese nationals to gamble is suffering financial losses due to a fall-off in player visitation at the casino on Phu Quoc Island in the southern province of Kien Giang.
Located 20 kilometers from Duong Dong Town to the North of the pearl island, Corona Casino Phu Quoc is part of the Phu Quoc United Center which is located at Long Beach, Ganh Dau Commune.
In a report sent to National Assembly (NA) deputies ahead of a question-and-answer session at the NA’s Standing Committee, Minister of Finance Ho Duc Phoc said that revenue from 2019 to 2023 reached more than VND6.4 trillion (US$259.1m), generating around VND3.8tn ($153.8m) to the State budget. In 2023, the casino business performance boomed compared to 2022, with revenue reaching nearly VND2.2tn, an increase of 45.7 per cent, contributing VND1.23 tn to the State budget. The Ministry reported that whilst the casino business performance has improved compared to 2022, it is still accumulating losses of more than VND3.72bn ($150,600) due to depreciation costs and large interest payments.
Regarding the number of visitors, from 2019 to the end of 2023, Vietnamese visitors numbered 295,943, accounting for 62 per cent of total players, while foreign visitors came in at 179,507, accounting for 38 per cent of total players.
In 2020 and 2021, the percentage of Vietnamese visitors was more due to the impact of the Covid-19 pandemic, with no foreign visitors at all. However in 2023, the number of Vietnamese players significantly decreased, accounting for only 39 per cent of total visitors.
The trial to allow Vietnamese nationals to gamble in casinos was approved for the casino on Phu Quoc Island and Van Don District in the northern province of Quang Ninh for a period of three years. Two years into the pilot he second casino has still not opened.
There are nine casino projects in Vietnam with six small ones in Hai Phong, Quang Ninh, Lao Cai and Da Nang and three major casinos in Hoi An of Quang Nam Province, Ho Tram of Ba Ria – Vung Tau Province and Phu Quoc of Kien Giang Province.
Mr. Phoc put forward his belief in that moving forwards, the ministry will only grant licences to casino businesses with large-scale service, tourism, commerce, and entertainment areas with a minimum investment of $2bn.
