Vietnam Casinos Reports 60 Percent Increase In Revenue In 2019

The casinos in the country were legalized before March 2017 when the government launched a trial project that provided local casinos with an opportunity to offer services to the Vietnamese. The government only allowed foreigners to gamble in the casinos.

The casino industry is booming in Asia before the pandemic. Macau beat Las Vegas as the leading gambling tourism destination in the world. Gambling tourism in other Asian nations is also blooming. Japan is on the move to legalize its casino gambling industry as they seek to boost its tourism.

The Philippines is developing into a popular gambling hub in Asia. Experts believe that it is the second-largest gambling hub in the region, following Macau. Vietnam joined the race three years ago, and its gambling industry is one of the fastest-growing in the world.

Vietnam’s casino industry

The eight casinos in the country accumulated $58 million in tax revenue in 2019, increasing by 49 percent year-on-year. There are five casinos in Vietnam’s northern region, two in the central region while the south has one. Most of the casinos reported a rise in revenue.

However, Royal International Corporation (RIC). RIC owns the largest casino property in the country, and its revenue dropped by 17 percent to $4.2 million, year-on-year, in 2019. Aristo International Hotel Casino, located along the Lao Cai province border, reported a decline in revenue of 17 percent to $15.4 million last year. The company’s profit declined by 44 percent to $3.4 million.

Three other casinos were given license to operate in Vietnam after March 2017. Casino Corona, the first casino in the country to accept local players, reported $59.5 million in revenue in 2019, earning VND280 billion in profits. More than 105,000 gamblers played in the gambling venue in 2019, and 45 percent are local players.

Vietnam’s gambling law

Gambling is popular entertainment in Vietnam, but most of the gambling activities in the country are illegal.

The country strictly implements its anti-gambling laws. Gamblers will face fines for violating social gambling restrictions. Article 248 of Vietnam’s Penal Code imposes penalties for first level crimes, including overspending on gambling, which is limited between 2 million to 5 million dongs.

Violators should pay fine not less than 5 million dongs and not exceeding 50 million dongs. They will also face imprisonment of 3-36 months.

People are divided towards the legalization of gambling in the country. Many legislators are pushing to establish new legislation and decrease penalties for the crimes. Many countries around the world are changing their outlooks towards gambling. Leaders are moving towards the legalization of the industry as they seek to boost their tourism and collect additional taxes.

The novel coronavirus pandemic threatened the operations of many casinos. Operators saw a massive decline in revenue this year because of the lockdowns imposed by the government.

Land-based casinos and other online gambling facilities continue to suffer losses as the virus continues to spread.

The post Vietnam Casinos Reports 60 Percent Increase In Revenue In 2019 appeared first on dailycasinobuzz.com.