Vietnamese visitors decrease by 12%, revenue decreases by 71%.
According to the report of the Ministry of Finance on summarizing the implementation of Decree No. 03/2017/ND-CP on casino business, it was noted that there were notable figures on the pilot results for Vietnamese people to play casino at the project in Phu Quoc (Kien Giang).
After 5 years of piloting (until the end of 2024), Vietnamese people entering the game account for 52% of the total number of visitors and contribute 88% of casino revenue. Players are aged from 21 to 97, mainly between the ages of 30 and 49 (accounting for 63%).
However, 2024 figures showed a significant decline. The number of Vietnamese players decreased by 12% compared to 2023, to 36,439 players. Revenue from Vietnamese people also decreased sharply by 71%, from VND 4,177 billion in 2023 to VND 1,207 billion in 2024.
To enter the game, Vietnamese people must meet the following conditions: 21 years old or older, prove a minimum income of 10 million VND/month and buy tickets for 1 million VND/24 hours or 25 million VND/month. Accumulated to 5 years, ticket sales for Vietnamese people reached 267 billion VND.
The pilot project lost more than VND 4,200 billion
Regarding business efficiency at the Phu Quoc pilot project, accumulated over 5 years, the total revenue from the casino reached VND 13,636 billion. If calculating casino business activities alone, the result reached VND 3,339 billion.
Although the casino segment has revenue, the entire complex entertainment project still loses VND4,239 billion. The reason pointed out by the Ministry of Finance is due to the large cost of depreciation.
Nationwide, there are currently 9 casino projects in operation, including 6 small-scalecasino and 3 large-scalecasino. In addition, 2 projects in Khanh Hoa and Thua Thien Hue are under construction, behind schedule due to the impact of the COVID-19 epidemic.
Accumulated from 2017 to the end of 2024, the total revenue of these 9 casarios reached VND 22,890 billion. The amount paid to the state budget reached 11,809 billion VND.
In addition to value-added tax and corporate income tax, casino businesses must pay special consumption tax at a rate of 35%.
Proposal to amend business regulations
According to the Ministry of Finance, the implementation of Decree 03/2017/ND-CP has revealed a number of problems that need to be amended.
For small-scale casinos (Do Son, Loi Lai, Royal, Lao Cai International Hotel...), current regulations do not mention adjusting the casino business time when the project changes scale or extends operating time.
The Ministry of Finance also proposed reviewing and supplementing prohibited acts such as taking advantage of machine maintenance for illegal business or forging license documents. At the same time, regulations on money laundering prevention, foreign exchange management and inspection and examination also need to be updated to comply with the current legal system.
