{"id":8019,"date":"2017-01-31T00:00:00","date_gmt":"2017-01-31T00:00:00","guid":{"rendered":"https:\/\/www.mundovideo.com.co\/en\/asia\/vietnams-regulate-locals-from-casinos\/"},"modified":"2017-01-31T00:00:00","modified_gmt":"2017-01-31T00:00:00","slug":"vietnams-regulate-locals-from-casinos","status":"publish","type":"asia","link":"https:\/\/www.mundovideo.com.co\/en\/asia\/vietnams-regulate-locals-from-casinos\/","title":{"rendered":"Vietnams Regulate locals from casinos"},"content":{"rendered":"

Asian Gambling. The Vietnamese government published on Friday a decree that paves the way for selected domestic casinos to accept bets from Vietnamese gamblers, for a trial three-year period. The terms of the 50-page decree – available in Vietnamese on the government’s website – come into effect on March 15.<\/font><\/p>\n

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But the decree has a bigger background than just permit their locals gambling in country located casinos, well those who are going to receive the “hardest hit” are those who are located in cities or countries that limits with Vietnam, according to brokerage Union Gaming Securities Asia Ltd.<\/font><\/p>\n

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Grant Goversten, an analyst from Union Gaming affirmed the following, “We do expect the border casinos in cities like Bavet [in] Cambodia to bear the brunt of the downside, as the border casinos… have historically captured the lion’s share of Vietnamese customers,”<\/font><\/p>\n

He added: “We would expect many to struggle to survive over the duration of the three-year Vietnam locals pilot program.<\/font><\/p>\n

Following a meeting in December between officials of the northern province of Quang Ninh and Vietnam’s Prime Minister, Nguyen Xuan Phuc, it had been reported in the country’s media that a three-year trial period would be run regarding locals gambling, adding to this information the measure will allow citizens over 21 years old and with a monthly income of at least VND10 million (US$443) to enter local casinos and gamble.<\/font><\/p>\n

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Two casino resorts were mentioned at the time for the pilot scheme – one in the Van Don Special Economic Zone in Quang Ninh, and the other on the southern resort island of Phu Quoc. Both casinos are said to be under construction, with no scheduled opening date for either having been reported so far. (READ SO VIETNAMESE CASINOS, GROUND UP IN DESPITE OF REGULATIONS)<\/a><\/font><\/p>\n

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In his Sunday memo, Mr Govertsen said: “Neither of these locations are readily accessible by persons living in major metros [urban centres] of Hanoi and Ho Chi Minh City.” And added to this statement “However, we do believe that the language of the decree could also allow [The Grand] Ho Tram (around two hours from Ho Chi Minh City) to apply to be part of the local’s pilot.”<\/font><\/p>\n

Mr Govertsen said that the partial end to the ban on local casino gambling in Vietnam was unlikely to have a material impact on NagaWorld in neighbouring Cambodia. “We estimate NagaWorld’s current exposure to Vietnam, as measured by gross gaming revenue, is less than 5 percent on mass market and slots, and an even lower percentage of VIP.”<\/font><\/p>\n

NagaWorld is the only casino resort in Cambodia’s capital Phnom Penh. The property is operated by Hong Kong-listed casino NagaCorp Ltd.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

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