Vietnam’s locals-only casino reports $4.7 million profit
The Corona Resort and Casino on Phu Quoc Island in Vietnam has announced a pre-tax profit of $4.7 million during its first six months of operations. The company was established earlier this year and has been the first casino property in Vietnam to offer gambling services to the economically qualified locals fitting into certain criteria of a minimum monthly wage of VND10 million. The company had overall revenues of VND1.15 trillion for the first six months, the Phu Quoc Tourism Investment and Development JSC, reported a 10% decline in the first half of 2019. The report also mentioned that Corona generated overall revenues of VND605 billion.
The Phu Quoc Tourism Investment and Development is a Vietnamese property development and real estate that owns a wide range of tourism-related businesses, including villa, restaurants, and hotels. According to Corona’s website, the company operates 100 gaming tables and 1,000 slot machines and VIP facilities via ‘private sky casino’. Other phases include international hotels comprising 10 seaside villas, 2000 rooms, a convention center, spa, water park, shopping center and so on.
Initially, the Vietnam government announced a three-year pilot program in 2016 allowing locals to enter three specific casinos according to the government’s choice. Other properties yet to come into the light include one developed near Hanoi by Sun Group and another in the Van Don Special Administrative Economic Zone. In 2017, the government lifted a ban on Vietnamese gambling in casinos, allowing a trial project for gambling by economically qualified locals. The natives must be 21-year-old and need to pay an entry to gain access to casino floors. Casinos with a total capital investment of $2 billion are eligible to welcome Vietnamese to gamble.
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