The real estate services company JLL admired Vietnamese officials for their strategy to speed up the development of the casino industry and curb illicit practices by allowing locals to gamble at Vietnam-based gambling venues.
JLL team of experts reported that Vietnam witnessed a considerable growth in the economy due to its relaxed restrictions on locals gambling at home, which came into effect earlier this year. It was explained that any possible tough restrictions will only unleash a wave of illicit practices and boost the shady business throughout the country. Moreover, it is in the country’s financial interest to regulate the market also for the locals, as it will prevent any income leakage and additionally boost the economy’s growth.
Currently, the government allows locals to visit two gambling sites on the Van Don and Phu Quoc Islands, but it plans to add a third allowed gambling zone in Ho Tram to the aforementioned two, aiming to further develop the gaming industry and raise the country’s budget.
This announcement encouraged the appetite of some of the biggest international operators, including Las Vegas Sands, as well as the local Sun Group. The latter is reported to be the only operator, which is allowed to establish a gaming facility in Van Don. In a recently released JLL’s report, the company revealed that the number of hotels, which are installing gaming machines is constantly increasing.
Frank Sorgiovanni, head of Research, Hotels and Hospitality JLL APAC pointed out Melco Crown Philippines as a role model. He added that the key to success is the right business strategy, as Vietnam is a country with a great perspective to become a major tourist destination. He explained that the operators should benefit from the favorable conditions, which the country offers. Mr. Sorgiovanni outlined a bright future for the gaming industry in the country.
To allow Vietnamese people to gamble at particular domestic gambling venues is considered as a strategic move by the officials. In that way, the government boosts the economy and curbs the spread of illicit practices throughout the country. Moreover, by limiting the number of the allowed gambling sites, which the locals can visit, the officials also take into account the responsible gambling issue.
Specialists explain that being liberal to its nation, the government of Vietnam efficiently fights any unlawful practices, while at the same time enjoys financial benefits from it. Even though Vietnam has had a long and bumpy road to major casino development, it should be noted that its market is developing at a rapid pace.
