Pilot project for local theatre in Vietnam to be extended until the end of 2024
Corona Resort and Casino, Vietnam’s only casino resort actively participating in the country’s pilot project allowing low-income locals to participate in gambling, will have its permit extended until the end of this year.
If the central government does not consider the pilot project worthwhile, it could be canceled afterwards, according to a report by the news portal VietNamNet, citing a draft amendment to an existing government decree on the subject.
According to the news agency, the document was submitted by the Ministry of Finance to the country’s central authorities.
The media company said the trial period during which Vietnamese citizens are allowed to gamble at the Corona Resort and Casino (pictured) in Phu Quoc, Kien Giang province, will be extended until December 31 this year.
The report said the Ministry of Finance would “conduct a comprehensive review and evaluation” at the end of the extended trial period – in cooperation with the Ministry of Public Security, the Ministry of Planning and Investment, the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam and local people’s committees in countries where casinos are permitted.
VietNamNet added: “Based on these assessments, the authorities will decide whether to terminate the trial or continue. If the government does not provide a solution by the end of the trial period, the casinos concerned will temporarily ban Vietnamese citizens from gambling.”
Should the process continue, the probation period for all other casinos involved in the process will be three years from the date of receipt of a document called a “Certificate of Eligibility for Casino Business.”
It has already been reported that a second site has already been approved in principle to supply locals. The Van Don project in Quang Ninh province is being promoted by the Vietnamese company Sun Group. According to recent local media reports, the complex has not yet opened.
The media platform cited data – without specifying the source – indicating that from 2019 to the end of 2023, a total of 295,943 Vietnamese citizens – 62 percent of all gamblers – and 179,507 foreign nationals had bet at the Corona Resort and Casino.
The period from 2019 to the end of 2023 covered the time of the Covid-19 pandemic, when many Southeast Asian countries, including Vietnam, imposed travel restrictions as measures to combat the global health emergency.
Corona Resort and Casino opened in January 2019Its introduction marked the beginning of the pilot project.
According to VietNamNet, the Corona Resort’s casino generated total revenue of VND6.40 trillion (US$257.1 million) between 2019 and 2023, contributing nearly VND3.68 trillion to the state budget.
The media company said that while Corona Resort’s casino recorded better business results in 2023 than in 2022, it still posted a total loss of just over VND3.72 trillion due to high initial depreciation and interest costs.
