The Vietnam casino industry is growing. Now, the same growth has started rubbing off on the sector of the industry targeting local gamblers. A pilot program started working when the government allowed Corona Resort & Casino to accept local visitors. Now, the facility is showing the first good results. The venue on Phu Quoc Island recently saw a strong six-month period.
Phu Quoc Tourism Investment and Development JSC, the casino’s parent company, showcased the first results. The pre-tax profit stands are $4.7 million for the first six months. However, the picture is mixed for the whole business. The company, which includes villa management, hotels, and restaurants, only had profits in its casino division.
The rest of them had all made losses during the same period. The overall drop is worryingly substantial. The revenue decline marked 10 percent at the company level. This number is now just below $50 million. Casino, on the other hand, ended up with a revenue of over $26 million.
It is not known what part of that is due to the casino floor and what comes from the hotel accommodation and other associated business. Ultimately, it does not matter for this initial period as the much-needed success is there. The Netherlands-based company called Uppfinity Gaming Management is running the casino and it clearly knows its business. The company even attained some rewards and nominations for its work at the facility.
The casino began working in January. Two additional values will eventually begin working in the same general region. All of them should allow local gamblers. Naturally, all of that is still a part of the general pilot program of the Vietnamese government. Under it, the effects and impacts on society will continue to be measured.
Furthermore, the government is ever-vigilant of any increase in crime that is gambling-related. Still, thanks to the development of the Asian casino industry, where numerous casinos are opening up in Laos and Cambodia, the business has definitely arrived. Vietnam obviously feels it cannot allow itself to miss out on these opportunities.
At the same time, numerous wealthy Vietnamese citizens often travel to South Korea or Macau to enjoy gambling. That is why the government is looking for ways to keep that money in the country but do it with as little of a local impact as possible. Currently, the plan seems to be working perfectly.
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