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Appeals from Vietnam’s casino owners to allow locals to gamble are likely to fall on deaf ears despite plummeting revenue due to the closure of international borders.
Reef Casino Trust is the latest to affirm the resilience of Australia’s domestic market, saying in the first four months of this year revenue was higher than 2019, with expectations for growth to continue.
Kangwon Land outperformed South Korea’s foreigner-only casinos in 2019, with turnover rising 5.8 percent compared with a drop of 10.9 percent for 16 other properties.
Vietnam’s eight operational casinos have doubled their revenue in the past three years, from VND1.19 trillion in 2017 to VND2.5 trillion in 2019, according to Ministry of Finance figures cited by local media.
Vietnam’s gambling industry stayed largely out of the headlines in 2019, though projects have been inching their way forward, with the country’s largest resort to date scheduled to open in the first half of this year.
Vietnam’s hotly anticipated locals gaming program has got off to a slow start, with remote locations and red tape cited as key factors in deterring visitation.
South Korea’s foreigner-only casinos posted strong revenue growth in 2018, gaining 34 percent over the prior year, according to figures from the country’s National Gambling Control Commission.
An opposition party has called on the government to allow the development of a casino that South Korean nationals would be allowed to enter on Saemangeum reclaimed land, located in North Jeolla Province, as a means to boost tourism.
Japan’s need to confront gambling addiction is immediate and will require a collaborative approach to be fully effective, according to Laura McAllister Cox, vice-president of regulatory compliance and legal counsel for Rush Street Japan, one of the international IR operators interested in gaining a license in a regional market.
Japan’s three IRs are likely to generate between $5 billion and $9 billion in gaming revenue, with the mix depending on the location of the properties, according to Fitch Ratings.