Vietnam – Vietnam’s Ministry of Finance looks to ease investment rules for casinosBy Phil - 26 August 2020
Vietnam’s Ministry of Finance (MOF) is pushing for new gaming laws aiming to help existing casinos and future investors following the downturn in business following the coronavirus pandemic.
It is looking to remove the stipulation that casinos must pay half of a project’s total investment before its license is granted, but the minimum investment of US$2bn will remain in place. The Ministry now says this isn’t economically feasible especially in areas where investment is needed to develop infrastructure.
In terms of advertising, casinos are only currently permitted to promote their operation at entry points. This will now be changed to allow will advertising anywhere within the area where the casino is located.
The report also highlighted that the country’s first casino to take part in a pilot programme to allow locals to gamble, the Corona Resort & Casino generated a loss of US$108.8m in 2019. Having opened in January 2019, it attracted 105,000 visitors with local players amounting to 47,400 or 45 per cent of this total.
Last year Vietnam’s eight casinos generated US$107.5m, up from US$67.1m in 2018.