2 new casinos proposed for foreigners
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The Ministry of Finance is backing proposals by Da Nang City and Khanh Hoa Province to license two new casinos meant exclusively for foreigners.
The casinos would be built at entertainment and resort complex Sun World Ba Na Hills in Da Nang City and Hon Tre Island in Khanh Hoa Province, it said in the proposals it has forwarded to the government.
The two locations have large tourism potential and are especially attractive to foreign visitors, it added.
Da Nang has no major casino yet, while Khanh Hoa has received approval to build a casino and resort complex in KN Paradise in Cam Ranh, and construction is ongoing.
But the ministry refused to back a proposal to build a casino by the central province of Binh Thuan, deeming its tourism potential low and pointing to its lack of port or airport.
The ministry also recommended the extension of a trial program allowing Vietnamese to gamble at the Phu Quoc Casino until 2024.
With gambling considered a “social evil” in Vietnam, locals have only been allowed to enter the casino since the end of 2018 in a trial program originally meant to last three years.
But the finance ministry is now seeking to extend it since casinos were hit hard by the Covid-19 pandemic in the last two years.
The Phu Quoc Casino saw revenue grow by 9.5 percent in 2019 and 2020 before falling by 10 percent in 2021.
Vietnam has nine casinos, including three major ones on Phu Quoc Island in Kien Giang Province, Quang Nam Province and Ba Ria – Vung Tau Province.
All nine lost money last year.
Questions & Answers
Q.Which specific locations are proposed for the two new casinos for foreigners?
Which specific locations are proposed for the two new casinos for foreigners?
The proposed locations are Sun World Ba Na Hills in Da Nang City and Hon Tre Island in Khanh Hoa Province. The Ministry of Finance believes these areas have significant tourism potential and are attractive to foreign visitors.
Q.Why did the Ministry of Finance reject Binh Thuan province's proposal for a casino?
Why did the Ministry of Finance reject Binh Thuan province's proposal for a casino?
The ministry rejected Binh Thuan's proposal because it deemed the province's tourism potential low. It also highlighted Binh Thuan's lack of a port or airport, which are important for attracting visitors.
Q.What is the reason for extending the trial programme allowing Vietnamese citizens to gamble at Phu Quoc Casino?
What is the reason for extending the trial programme allowing Vietnamese citizens to gamble at Phu Quoc Casino?
The finance ministry is seeking to extend the trial programme because casinos were severely impacted by the Covid-19 pandemic. The extension aims to help casinos recover from the economic downturn.
Q.How did Phu Quoc Casino's revenue perform in the years mentioned?
How did Phu Quoc Casino's revenue perform in the years mentioned?
Phu Quoc Casino's revenue increased by 9.5 percent across 2019 and 2020. However, it then experienced a decline, falling by 10 percent in the year 2021.