Vietnam’s local-friendly Corona Resort and Casino records half-year profit
The only casino in Vietnam that permits locals to gamble alongside foreign tourists has reportedly released its financial results for the six months to the end of June showing that its gross profit for the half-year period had hit slightly over $4.65 million.
According to a report from GGRAsia, Corona Resort and Casino is located on the southern island of Phu Quoc and opened its casino from January 19 as a way to complement its already popular hotel and restaurant services. The venue purportedly later became the nation’s first to take advantage of a piece of federal legislation so as to allow economically-qualified Vietnamese citizens to place casino wagers in the company of their non-native counterparts.
Mixed financials:
GGRAsia reported that Corona Resort and Casino is owned by local property development and real estate firm Phu Quoc Tourism Investment and Development Company JSC and saw its first-half revenues reach $26.07 million although the aggregated figure for its parent dropped by 10% year-on-year to approximately $49.54 million.
Coming competition:
Corona Resort and Casino was reportedly designed by American architectural firm Steelman Partners and permits citizens of Vietnam to gamble is they are able to prove that they are over the age of 21 and have a monthly income of at least $430. GGRAsia also detailed that the venue is soon expected to be joined by a second local-friendly casino at a development in northern Quang Ninh Province near the nation’s long border with China.
Early experiment:
Vietnam reportedly lifted a ban on allowing its citizens to enjoy casino gambling in March of 2017 following the release some three months earlier of an official government decree that laid out the specific qualifications prospective local players would be required to meet. The three-year pilot scheme moreover purportedly stipulates that developers must have spent a minimum of $2 billion on constructing their facilities before they may apply for permission to admit locals to their casino floors.
