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Stakes are high as Vietnam allow his citizens to gamble in casinos

Macau’s biggest junket operator Suncity Group Holdings Ltd. is undaunted in its ambition to start operating Vietnam’s largest casino in the central province of Quang Nam

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Vietnam has finally made the historic decision to allow Vietnamese citizens to enter casinos in the country. 

Different forms of electronic gaming and gambling would be a boon to the country’s tourism sector appealing to high-income international travelers.

Investors have high hopes for high revenues from local gamblers as well as international gamblers, especially from Thailand’s growing wealthy class where gambling is still illegal.

Gambling in Thailand is officially banned, apart from the state-run lottery and betting on horses at the Bangkok Turf Club; but, online betting sites like Betway provide alternative for gamblers who don’t want to cross the boarder to Cambodia, Vietnam or other neighbouring countries where gambling is legal.

The regional casinos are a regular draw for Thai gamblers, as they even offer buses to pick up players from Bangkok to ferry them to the Cambodian border, where towns such as Poipet offer plenty of options for foreign gamblers.

According to the latest decree, for Vietnamese nationals to gamble at casinos they must be at least 21 years of age, have proof that their minimum monthly income is VND10 million ($440), pay an entrance fee of VND1 million ($44) for 24 hours or VND25 million ($1,100) for a month, and not have any official requests from family members that the casinos should refuse them entry.

Vietnam has made the historic decision to allow Vietnamese citizens to enter casinos in the country

Vietnam’s largest casino to open gates next year

Macau’s biggest junket operator Suncity Group Holdings Ltd. is undaunted in its ambition to start operating Vietnam’s largest casino in the central province of Quang Nam. The project is expected to be launched next year.

The USD4-billion casino named Hoiana will include many stores, restaurants, golf courses, and water parks. It is currently under construction along a 3-kilometre stretch of Quang Nam’s seacoast on a 1,000 hectare site.

Accordingly, Hoiana will be the first casino in Vietnam with involvement of Suncity Group. The Macau corporation owns one-third of the project’s stakes. Domestic VinaCapital Group and Hong Kong-based VMS also hold similar shares in the project.

The project’s first phase is expected to be launched in 2019 with 140 card-tables and one golf course. The second phase, including water parks, a second golf course, and four holiday resorts, will be launched in 2023.

Despite the huge revenue from casino business in Macau (USD17 billion per annum), the group hopes to expand its business to nearby countries due to strict rules over the gambling business and the shortage of space for expansion in Macau.

In 2017, Royal International Corporation (RIC) announced losses of VND127 billion (USD5.6 million), mainly due to losses from its casino business in Halong Bay of the northern province of Quang Ninh.

Opportunities on offer

The Vietnamese Government has been tinkering with its gambling legislation for many years, weighing up the pros and cons of putting the industry into a controlled and regulated environment.

The decree creates new momentum for a host of billion-dollar projects that have long been in the pipeline.

Granting access to Vietnamese citizens would see the government bring in $800 million from casino activities and end the $250 million in currency that flows out of the country every year, according to industry insiders.

Regional casino operators would be concerned about losing their Vietnamese customers, even though the decree only allows for a three-year pilot.

Vietnam’s tourism sector recorded growth of 16 per cent in 2016, indicating the potential of the casino industry in the country.

In an interview with VET recently, the leader of Marina Bay Sands (MBS) confirmed that, in addition to Singapore, Vietnam is one of the casino group’s two strategic destinations in the future.

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Investment

Vietnam sustains FDI growth amid US-China trade war

Japan was the largest source country, with 429 newly granted FDI projects totalling $8.5bn, MPI figures show

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Strong FDI figures in 2018 mark the sixth straight record year, following a string of strong realised FDI capital figures, estimated at $17.5bn in 2016, $15.8bn in 2015 and $14.5bn in 2014.

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Asean

ASEAN seeks measures to push sustainable tourism development

ASEAN members gathered in Vietnamst ouching upon measures to speed up sustainable tourism development.

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Nearly 200 delegates, including leaders of national tourism organizations (NTOs) of ASEAN members and the regional groupings partners gathered in Vietnams northern Quang Ninh province on Monday, touching upon measures to speed up sustainable tourism development.

Addressing the meeting, Nguyen Trung Khanh, general director of the Vietnam National Administration of Tourism, said tourism sector makes contributions to better political and cultural understanding, and closer bilateral and multilateral cooperation not only among regional countries, but also among nations in the world.

At the 49th meeting of NTOs of countries of the Association of Southeast Asian Nations (ASEAN) which opened on Monday in Quang Ninhs Ha Long city, the delegates also highlighted contributions of tourism sector to gross domestic product.

Thailand Is Second Most Visited Country In Asia

Thailand attracted second highest number of tourists in the region with 32.58 million visitors in 2016

The Asia Pacific region accounts for 30 per cent of the world’s international tourism receipts

But Bangkok has been engulfed by smog for the past few days, raising questions about how seriously the authorities are taking the air pollution problem in the Thai capital.

Experts warn of the threat to public health if the unhealthy air quality levels persist, urging authorities to enforce mitigation measures to protect people’s health

It has been almost a week since the PM2.5 level in Bangkok rose significantly, forming a thick layer of smog over the city, but authorities are still scrambling to find solutions to help ease the problem

Spraying water over Greater Bangkok’s sky, trying to produce artificial rain haven’t brought any significant results so far.

The Asia Pacific region has outperformed all other regions in terms of growth, with international tourist arrivals increasing an average 7% per year compared to the world average of 4%.

The Asia Pacific region accounts for 30 per cent of the world’s international tourism receipts.

Thailand attracted second highest number of tourists in the region with 32.58 million visitors in 2016.

Source : English.news.cn

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Banking

Moody’s upgrades Vietnam’s ratings to Ba3 and changes outlook to stable

Moody’s Investors Service (“Moody’s”) has today upgraded the Government of Vietnam’s long-term issuer and senior unsecured ratings to Ba3 from B1 and changed the outlook to stable from positive

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Moody’s Investors Service (“Moody’s”) has today upgraded the Government of Vietnam’s long-term issuer and senior unsecured ratings to Ba3 from B1 and changed the outlook to stable from positive. (more…)


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