While casino gambling in Vietnam for locals is highly restricted, Corona Resort & Casino on Phu Quoc Island, the country’s only casino which allows Vietnamese people to wager has posted a strong performance for the first six months.
The casino reported a pre-tax profit of US$4.7 million during the first six months to June 30.
The casino resort started welcoming guests earlier in January this year. The US$2.1 billion resort, has been granted a three-year trial period in which Vietnamese are allowed to gamble provided they meet certain qualifying criteria.
The minimum wage monthly wage which a local should have to visit the gambling facility is VND10 million (US$433).
The casino is managed by Dutch firm Uppfinity Gaming Management.
With gambling not allowed for locals, illegal betting and gambling industry is flourishing in Vietnam. Last month, a massive illegal online football ring was busted in the Ha Tinh province in Vietnam. The authorities estimate the online betting ring has transactions totaling 130.4 million.
Vietnam’s Ministry of Finance (MoF) is also planning to relax investment requirements for offshore casino developers and investors to attract more gambling operators and developers to the country’s Special Economic Zones (SEZ).
Reports in the local media suggest that the Ministry of Finance (MoF) has proposed to the Prime Minister to make changes to the current regulatory regimes and allow any capital allocated to other projects within SEZs, including infrastructure contributions, to be included in minimum investment calculations, thus facilitating new investments.