Vietnam’s experiment with allowing locals to gamble at Corona Resort & Casino in Phu Quoc will come to an end on December 31, 2024, as the government temporarily suspends the pilot program. The program, which began in 2019, was designed to test the feasibility of permitting Vietnamese citizens to gamble at selected casinos under specific conditions. The suspension will take effect at midnight on January 1, 2025, and is scheduled “until further notice” pending further government decisions.
The Suspension and Future Uncertainty
The Corona Resort & Casino, which was the only venue authorized to host local gamblers, announced the suspension on its website, stating that the move was made to comply with recent regulatory amendments. The casino emphasized its commitment to ensuring that the benefits for Vietnamese players will be preserved during the suspension period, but also stated it would provide updates as soon as new regulations or policies are issued by the government.
While Vietnamese nationals will no longer be eligible to gamble at the casino, international customers and those with foreign passports will not be affected by the change. The future of the pilot program, including whether it will resume or be permanently ended, remains unclear as the government assesses its next steps.
Regulatory Adjustments and Legal Framework
The pilot program was introduced in 2016, with the goal of assessing the viability of allowing locals to gamble at certain casinos. The original decree established the program for a three-year period, set to end in 2022. However, the outbreak of COVID-19 led to disruptions that extended the pilot until 2024. The Vietnamese government amended the decree in November 2024, effectively ending the program for some casinos like Corona Resort and introducing new regulations that may alter the pilot’s future.
Under the original terms, Vietnamese citizens had to meet strict criteria to access the casino, including a minimum monthly income of VND10 million (around $400 USD) and paying a daily entry fee of VND1 million or a monthly fee of VND25 million. Despite Corona Resort being the only casino in operation under these terms, Van Don, another casino approved for the trial, has yet to open.
The Impact on Phu Quoc’s Tourism and Casino Industry
The suspension of local gambling comes amid a growing tourism boom in Phu Quoc, which is set to welcome 6 million tourists in 2024, a 49% increase from 2019. With an increasing number of international visitors, Phu Quoc’s appeal as a travel destination continues to rise. The island’s designation as one of Travel+Leisure’s top 25 travel destinations for 2025 has further boosted its global profile.
Despite the increase in tourism, Corona Resort & Casino has struggled financially, posting a loss of VND300 billion ($12.7 million) in the first half of 2024. Analysts attribute this decline to high depreciation costs, interest payments, and a significant drop in local player participation, particularly after the end of COVID-19 restrictions.
However, with the continuing rise in tourism and several major tourism projects worth VND388.41 trillion in development on the island, the casino remains optimistic about future prospects. It has expressed hope that the program will eventually be reinstated, as the resort maintains a strong commitment to local players and hopes to provide updates when the suspension is lifted.
Looking Ahead
As Phu Quoc prepares for continued growth, with 274 tourism projects in the pipeline, the future of local gambling in the area remains uncertain. The Corona Resort & Casino has pledged to maintain its offerings for Vietnamese customers and update them on any changes as the government finalizes its position. The decision to suspend local gambling could be a temporary measure while new regulations are considered, and there remains hope for a return to normal operations in the near future.
Source:
Phu Quoc’s Corona Casino to suspend local players scheme starting in 2025, agbrief.com, December 29, 2024.