Description
Vietnam's large casino resorts will not be sustainable unless locals can gamble, several industry commentators told GGRAsia.
The number of such international standard projects has been increasing in recent years, and each project is typically accompanied by a price tag of billions of dollars.
But recent developments, including changes to China's laws outlawing so-called "cross-border" gambling activities as well as the COVID-19 pandemic, are posing challenges to casino business models in Asia-Pacific that focus on attracting foreign players, especially Chinese, commentators told GGRAsia.
"With COVID-19 putting the brakes on this development and China cracking down on its citizens' overseas gambling, this will undoubtedly impact its feasibility unless a new group of foreign consumers is targeted," Govinda Singh, executive director and head of hotel and leisure Asia at Colliers International, a real estate consultancy and investment advisory, said in a commentary to GGRAsia.
Some of the international standard Vietnamese systems that are already open include: Barria - Grand Ho Tram Streep, a mixed-use development including a foreigner-only casino located in Vung Tau province, Corona resorts and casinos located on the southern island of Phu Quoc, Laguna Lang Company located in Tuatienhu province, and Hoyana of Quang Nam, which is partially supported by Sun City Group Holdings Limited, a Hong Kong-listed company.
Under a pilot scheme run by the Vietnamese government, there are currently only two casino projects that can accommodate economically qualified locals. One is COVID. The other is Van Don in Quang Ninh province, which is being pursued by the Sun Group, a Vietnamese company.
Recently, a new proposal was made in Canhoa province, which reportedly asked local leaders for a $2.24 billion permit for the Horn Tre Island casino resort. The plan is said to be partially supported by local lodging company VinPulsa, which is part of Vietnam's famed conglomerate Vin Group.
China Factor
Ben Lee, managing partner at IGamiX Management & Consulting Ltd, told GGRAsia that "BinPearl's Hon Tre is still too new to be called a starter." He noted that Bin Group is also involved in Covid resorts and casino ventures.
The fact that the latter is "still struggling" may be a high hurdle for empty groups to "get over," Lee added.
Earlier this week, Vin Group announced that it would officially open the Phu Quoc United Center on Phu Quoc Island in April. The large entertainment and leisure complex covers more than 1,000 hectares (2,471 acres) and includes several attractions, some of which are already in operation. Among the latter are Covid casinos.
BY: 바카라 필승법