The casino industry in Vietnam is changing with the recent opening of Corona casino, Phu Quoc which is the first casino in Vietnam to allow locals to enter. Locals have to pay a levy of 1m VND ($43 USD) to enter or 25m ($1,083) per mth. This is a trial period of 3 years and the investor needs to invest 10m USD per gaming table and Corona has 100 tables so that's a 1bn USD. Plus an additional $1bn USD on future investment to maintain the license. Phoenix casino was only allowed to have electronic gaming (Slots) initially but managed to put in table games under some dodgy deal by the owner. Also they have been allowing locals to enter and play. It appears that the Vietnamese government is trying to legalise the casino industry with the intent of bringing in foreign investment, you can see that with the new casino in Hoi An which is 34% foreigner owned by Suncity Macau and scheduled to open later this year, however, no local license has been issued for that project. In-order for Vietnam to be taken seriously they need to shut the Casinos that have been breaching the gaming law, so I expect to see more licenses revoked in the near future.
SVH Price at posting:
1.0¢ Sentiment: Sell Disclosure: Not Held
