Vietnam’s New Casino Rules to Benefit the Country’s Gambling Industry

American real estate specialist Jones Lang LaSalle (JLL) said in a recent report on the future of the Vietnamese gambling industry that major international casino operators have been eyeing the local market.

According to the real estate firm, the recent lifting of a ban that prohibited locals from playing at Vietnamese casinos would have quite a favorable effect on the industry.

The country’s gambling laws were amended in March in a manner that nulled a long-standing ban that made it impossible for Vietnamese nationals to play at local casinos. Under the new rules, Vietnamese aged 21 or over would be able to gamble at the facilities if their monthly income exceeds VND10 million. Despite the change of regulations, local casino resorts are yet to be authorized to admit local players.

It is believed that more international investors will be attracted to the Southeast Asian country and will invest in its casino and tourism industries.

JLL pointed out in its report that the southern part of the nation will benefit greatly from the ban’s removal as the second phase of the Grand Ho Tram Strip integrated resort project is currently under development. Among other things, that second phase will include the opening of 559 hotel rooms. The second portion of the resort is to be launched in 2018. Details on a third phase are also planned to be revealed at a later stage. Construction work on it will likely begin later in 2017.

The resort was initially launched precisely four years ago, in the summer of 2013. The grand scheme has gradually been developed since then. In 2015, developers opened the 18-hole Greg Norman-designed The Bluffs golf course.

In its report, JLL pointed to a common trend noticed in Asia when it comes to new casino resort developments. According to the real estate services firm, the gambling industry has often been the subject to heavy media criticism. Social ills have usually been referred to as the main reason why the industry’s growth should be monitored heavily and even restricted.

JLL believes that one casino operator or another’s financial success in the Asia-Pacific region is strongly dependent on “right planning.” Thus, a good strategy could encourage investors to move forward with their plans and pursue new gambling-related opportunities.

The real estate consultant used Melco Resorts and Entertainment (Philippines) as a good example of an operator that has improved its financial state within the space of a single year. A recent Bloomberg report showed that the company’s stock increased 100% year-on-year.

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