According to a recent government report, Vietnam has decided to extend the trial period until Dec. 31, 2024, during which its citizens can gamble at selected casinos. The extension, part of a pilot project launched at Phu Quoc Casino, aims to evaluate the viability and impact of allowing locals to participate in casino gambling, a practice typically reserved for foreigners.

Details of extension implementation and financial performance:

For Phu Quoc casinos, the pilot project, which was originally scheduled to be completed by 2022, has been extended, while other casinos will run the pilot for three years from the time they receive their operating license. This ongoing evaluation, led by the Treasury Department along with several other government agencies, is crucial in deciding whether to extend, change or suspend pilot projects beyond 2024.

Phu Quoc Casino, which has been operating since January 2019, showed mixed financial results during the pilot phase. The casino’s revenue increased to 6.4 trillion dong (about $258 million) from 2019 to 2023, but it suffered a significant loss of 3.7 trillion dong (about $150 million), primarily due to high depreciation and financing costs. Despite these financial challenges, the casino contributed nearly 3.6 trillion dong (about $148 million) to the state budget during the same period.

As reported by VietnamNet, the casino has attracted nearly 295,943 Vietnamese players, accounting for 62% of the total sponsorship, with the gamblers ranging in age from 21 to 97. This demographic data is particularly important as it helps shape future regulatory and operational strategies for casino businesses across Vietnam.

At the same time, the Treasury Department has submitted a draft amendment to casino business regulations extending the trial period for casinos allowing Vietnamese gamblers until the end of 2024. The amendment is part of a broader effort to improve guidelines governing casino operations to be well-defined and serve both economic and social purposes.

Broader implications and future directions:

Vietnam is focused on developing an integrated resort sector that generates significant employment and revenue as well as boosting tourism as part of its broader economic strategy. However, the extension of the trial also highlights the complexities involved in balancing regulatory issues with economic benefits. The results of the Phu Quoc project and other similar initiatives will inform the future environment of Vietnamese casino gambling.

According to Asia Gaming Brief, the Politburo approved the Phu Quoc casino project to continue through the end of the year in time for this extended trial, 바카라사이트 and to start the trial for three years once Vandon Casino is open for business. The move reflects a cautious but structured approach to expanding Vietnam’s casino industry to local engagement.

The initiative remains an important part of Vietnam’s evolving policy on gambling and its integration into a wide range of leisure and tourism industries. As the trial progresses, relevant ministries will continue to closely monitor and evaluate its impact to ensure that the decision is in the best interests of both the country and its citizens.