Vietnam's only casino allowed to let in Vietnamese players incurs big loss
Corona Resort & Casino is Vietnam's most modern casino. Photo courtesy of the casino.
Vietnam’s casino that allows Vietnamese citizens to gamble on a trial basis for the first time in Phu Quoc island has incurred hundreds of US dollars of loss amid the Covid-19 pandemic.
Latest figures show Corona Resort & Casino, invested by Phu Quoc Tourism Development and Investment Joint Stock Company, incurred a loss of VND2.76 trillion ($121 million) from its debut in early 2019 to September 2021.
Located in the most prime location of Phu Quoc, called “Pearl Island”, the complex boasts nearly 2,000 5-star hotel rooms, world-class restaurants, 18-hole golf courses, VinWonders park and the country’s most modern casino.
Revenue of the Corona casino business in the first nine months of 2019 was more than $49.5 million, down 29% year-on-year and down 26% compared with the same period of 2019. Its total payment to the state budget, including fees collected from ticket sales for Vietnamese people, was $72.3 million. Of this, total proceeds from ticket sales to Vietnamese people was $5.7 million.
From its debut to September 2021, the total number of visitors to the casino is 240,560, of whom 156,533 were Vietnamese citizens or 65% while the remaining was foreigners.
In the first nine months of 2021, the number of arrivals was down 27% year-on-year and down 45% against the same period of 2019 due to the pandemic.
According to the Ministry of Finance, revenue and tax payment of the Corona casino business in Phu Quoc were the highest among casino businesses across the country thanks to the entry of Vietnamese people, followed by The Grand Ho Tram Resort & Casino in Baria-Vungtau province and the Crowne International Casino in Silver Shores International Resort in Da Nang City.
However, the casino has not yet attracted many high-end players. Among its Vietnamese players, most are small players and there are no players with monthly tickets.
In its report lodged with the Prime Minister for submission to the Polibureau, the Ministry of Finance said allowing Vietnamese citizens to play at the casino in Phu Quoc is a rational policy, meeting people’s entertainment needs. “The pilot implementation has not negatively impacted on social security, order and safety.”
“However, the pandemic has crippled the casino business, so the pilot scheme on allowing Vietnamese to play needs to be extended to assess it comprehensively and completely.”
The government had licensed eight casino projects before its Decree 03/2017 on casino business came into force in 2017. These include Do Son Resort & Casino in Haiphong; Lilai International Hotel, Royal Casino, Hong Van Casino Hotel in Quang Ninh Province; Aristo International Hotel in Lao Cai Province; Crowne International Casino in Silver Shores International Resort in Da Nang City; The Grand Ho Tram Resort & Casino in Baria-Vungtau; and the Nam Hoi An Casino Resort in Quang Nam Province.
The Polibureau has also green-lighted four other casino projects in Thua Thien-Hue province, Khanh Hoa province, Van Don island district in Quang Ninh province and Phu Quoc city in Kien Giang province.
The Covid-19 pandemic has rattled all the casino businesses in Vietnam. Photo courtesy of the Corona Resort & Casino.
According to the Ministry of Finance, in the period 2017-2019, casino business grew over the years, with an average annual revenue of about $74.5 million and an average tax payment to the state coffers of about $37.6 million.
Specifically, revenue from the country’s casino services in 2018 and 2019 increased by 134 percent and 165 percent respectively year-on-year. Correspondingly, the revenue and tax payment rose by 139 percent and 163 percent.
However, from 2020 to now, casino business has sharply decreased as some companies have had to temporarily suspend their services due to social distancing and travel restrictions amid the pandemic.
In 2020, casino revenue dropped sharply to $75.8 million, a decrease of 28% year-on-year, due to the pandemic. The tax paymemt plunged 48% to only $30.6 million.
In the first half of 2021, revenue from casino business of the eight licensed enterprises reached $59.6 million, up 58% year-on-year. Tax paymenmt to the state budget reached $30.5 million, up 90% as Nam Hoi An Casino Resort came into operation from the end of June 2020. However, these numbers are low compared to the time when there was no Covid-19.
Royal International Corp, which operates Royal Casino Halong and is the country’s only listed casino company, incurred losses for nine consecutive quarters.
In the fourth quarter of 2021, this company made a loss of nearly $1.2 million, bringing its accumulative loss as of December 2021 to $17.8 million. This means its accumulative loss is equivalent to 58 percent of its ownership, according to the Ministry of Finance.
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