Vietnam’s ambitious plans to develop a thriving integrated resort sector have encountered hurdles, with the Phu Quoc pilot project and the Van Don plans facing notable challenges.
Currently, only two casino establishments in Vietnam are permitted to open to local players. Amid the country’s nationwide anti-corruption movement and the impact of various factors, including the pandemic, the realisation of their potential remains uncertain.
The Phu Quoc pilot project, which includes the Corona Casino, was touted as a flagship endeavour for Vietnam’s IR industry. However, the project’s progress has been less than stellar.
A Vietnamese casino investor who preferred not to be identified noted that “the primary issue with the Phu Quoc project lies in the island’s underdeveloped transportation infrastructure. The project is designed for high-end tourism but struggles to attract a larger, mass-market audience.”
The Vietnamese gaming expert highlights that the entry requirements for local Vietnamese at the Corona Casino are a significant barrier.
Locals are required to present a range of documents, including proof of monthly income of at least VND10m (US$394), property rental contracts, savings account statements and personal income tax declarations.
“The rigorous documentation process is deterring many potential local visitors. It’s creating an obstacle for locals who want to participate,” the expert explains.
Source: Asia Gaming Brief
