Even with dozens of casinos already built and operational, Vietnam is yet to completely legalize casino gambling. The existing casinos only cater to the foreign population. However, Vietnam gamblers have a reason to smile. Casino gambling will now be offered in the country.
A casino located in Phu Quoc and owned by the reputable real estate developer, Vingroups, has finally been allowed by the government to offer gambling services to local citizens. The casino is one of the two that will be piloting a three-year program. Hopefully, after the three years, casino gambling will be fully legalized of local citizens.
Criteria for Vietnam casino gambling pilot gambling
Keeping in mind that it’s only a pilot program, the government has outlined a set of rules to be followed.
• Gamblers must at least 21 years old
• All prospective gamblers must have a monthly income of at least $432(equivalent to 10 million Vietnamese dong).
• All gamblers will have to buy a daily entrance fee of $44(or 1 million dong). Alternatively, prospective gamblers can pay a$1,080 monthly fee (25 million Vietnamese dong).
Vietnam lost revenue
The decision to legalize casino gambling for locals came after it was reported that the country was missing out on $800 million (18526600000000 Vietnamese dongs!) per year.
Citizens would only wager or play poker if they traveled to Cambodia. The current laws prohibit casino gambling in Vietnam – unless you are a foreigner.
Grappling with a ballooning wage bill, casino gambling will increase tax revenues. It is believed that the legalization of casino gambling will eliminate the need for traveling to Cambodia.
At the moment, casinos are mushrooming everywhere. Already, there are 7 casinos which have been granted operation licenses. Also, three casinos are said to either be under construction or waiting licensing.
The casino projects have attracted financing from external investors from countries such as Australia, Macau, Canada, Singapore, and Hong Kong.
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