As Vietnam navigates its unique landscape of gambling regulations, the recent confirmation that the locals-play pilot scheme at Corona Resort and Casino will be extended until the end of this year has created considerable buzz within the gaming community. This initiative, which allows economically-qualified Vietnamese citizens to gamble, marks a significant development in the country’s efforts to reform its gambling laws.
Background: A Glimpse into the Scheme
The pilot scheme was introduced in 2019 with the opening of the Corona Resort and Casino on Phu Quoc, an island in Kien Giang province known for its beautiful beaches and tourism appeal. The scheme permits Vietnamese citizens over the age of 21, earning a minimum monthly income of VND 10 million (approximately USD 394), to participate in gaming activities at the resort.
Initially set to last for three years under the 2017 decree, the locals-play initiative faced delays in implementation, as it was only activated with the casino’s launch. Following its introduction, the government decided to extend the program, indicating a positive shift in attitudes toward domestic gambling, which has long been a controversial issue in Vietnam.
Key Details of the Extension
Vietnamese news outlet VNExpress reported this confirmation from the Ministry of Finance, citing an official government decree. This extension reflects the authorities’ commitment to assessing the economic impact of allowing local players to engage in the gaming industry and highlights the ongoing exploration into regulatory frameworks around gambling within the country.
The report indicates that the Corona Resort and Casino accrued VND 6.4 trillion in revenue between 2019 and 2023, with nearly a third of this revenue generated within the current year alone. However, the venue has also recorded significant financial setbacks, accumulating losses amounting to VND 3.7 trillion by the end of 2023. These figures underscore the complexities and challenges faced by the casino as it seeks to balance profitability with regulatory compliance.
The Economic Implications
The continuation of the locals-play pilot scheme is significant for multiple reasons. It not only provides insights into the gambling preferences and spending habits of local citizens but also positions the Corona Resort as a focal point for the country’s nascent gaming industry. The revenue generated can lead to increased tax revenues for the government, contributing to public welfare projects and infrastructure development.
For local players, the casino provides a legal avenue to partake in gambling activities, which previously required traveling abroad to access similar entertainment options. This local access may also alleviate the illegal gambling activities that have historically thrived in the shadows, allowing the government to exert greater control and oversight over the gambling landscape.
Future Prospects: Van Don Project and Beyond
Looking ahead, the potential opening of the Van Don project in Quang Ninh province adds another layer to Vietnam’s evolving gambling narrative. Once it receives an operations permit, it too will have the opportunity to establish a locals casino for a three-year period. This development indicates that the government is not only interested in the Corona Resort’s performance but is also keen on exploring multiple venues to enrich and diversify the local gambling market.
Conclusion: A Vote of Confidence in Responsible Gambling
In this context, the extension of the locals-play pilot scheme serves as a crucial experiment in managing and regulating domestic gambling in Vietnam. The government’s acknowledgment of its economic impact helps to validate local players’ experiences while paving the way for a restructured gambling ecosystem.
As these pilots continue to evolve, industry stakeholders will be keenly observing how this initiative influences both local and international perceptions of Vietnam’s potential as a thriving gaming destination. The inevitable challenges that accompany such shifts, from responsible gambling practices to financial sustainability, will require careful navigation. Nonetheless, the extension stands as a promising indication of Vietnam’s evolving relationship with gambling, one that could transform the industry and its regulatory landscape for years to come.
