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Tag: Gambling

  • Vingroup to open casino in Pho Quoc Island

    Vingroup to open casino in Pho Quoc Island

    A Vingroup-invested firm has been allowed to include a casino in a hotel-amusement complex on Vietnam’s largest island Phu Quoc. The People’s Committee of Kien Giang Province announced that the Prime Minister has approved in principle the casino’s inclusion in a hotel-amusement being built on the southern province’s island. With the casino business, total investment in the complex will increase to VND50 trillion ($2.14 billion).

    The complex, which is under construction, is scheduled to start operating in 2021. Its main investor is the Phu Quoc Tourism Investment and Development Jsc, a company in which Vingroup, Vietnam’s largest private conglomerate, holds a 50 percent stake.

    The casino project is part of a pilot program that would allow Vietnamese citizens to gamble in casinos in the country for the first time.

    For decades, Vietnam has banned gambling as a social evil. Vietnamese were also prohibited from gambling in the few casinos that have been built in the country.

    Shifting its stance, the government has allowed citizens over 21 years old with a monthly income of at least VND10 million ($445) to gamble in local casinos from last March under a three-year pilot program. However, the casinos have to obtain approval from the government on a case-by-case basis to allow Vietnamese citizens to use their services.

    Vietnam’s average annual income was around $2,200 last year.

    There are fewer than 10 casinos in Vietnam, mostly smaller ones outside major cities. Their services are reserved exclusively for foreign passport holders.

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  • Vietnamese government fines illegal Bitcoin trading site

    Vietnamese government fines illegal Bitcoin trading site

    The firm claimed to have a license to trade the cryptocurrency, but was hit by a $1,750 fine. Vietnam’s information ministry has fined a company that claimed to be the first website to be certified to exchange bitcoin in Vietnam for illegal social networking and setting up an illegal site.

    Bitcoin Vietnam, which is based in District 4, Ho Chi Minh City, received a VND40 million ($1,750) penalty from the Vietnam Radio, Television and Electronic Information Department under the Ministry of Information and Communications.

    Nguyen Tran Bao Phuong, the legal representative for Bitcoin Vietnam, said they were looking into the charges.

    The company is in a transition period, so its business registration code had been revoked before the decision was made, she said .

    “Bitcoin Vietnam is a cryptocurrency exchange. We do not yet have a license to offer intermediate services, but we are not operating illegally. The company is closely following any new regulations about Bitcoin, and is willing to comply with any new law,” Phuong said.

    The company opened in 2013 and is certified to buy and sell Bitcoin, according the company’s website.

    However, in a recent interview, a representative admitted that the company’s license is only for “financial advisory” purposes.

    Over the last four years, the company has launched a number of websites such as bitcoin.vn and vbtc.vn.

    The State Bank of Vietnam does not recognise virtual currencies as a legal form of payment, and distribution or use of digital currencies is not protected by law.

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  • Macau to include 5G in technology-neutral licenses

    Macau to include 5G in technology-neutral licenses

    The Macau SAR government does not plan to have a separate license for 5G services, and will instead include 5G in its planned new technology neutral licenses for mobile service providers.

    The director of Macau’s Post and Telecommunication Bureau Derby Lau Wai Meng told that its proposed new communications convergence legislation will include 5G.

    The new legislation would replace Macau’s current basic telecommunication law as well as by-laws governing the various telecoms licenses that have been allocated in the city.

    In addition, the regulator has prepared changes aimed to provide infrastructure support for operators pursuing 5G deployments and redefined some service standards, with the goal of providing more favorable conditions for 5G operators.

    According to the report, the new changes will give more powers for operators to deploy 5G as well as more powers to the government to supervise these deployments.

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  • Casino finds itself in royal mess at Vietnam’s top resort town

    Casino finds itself in royal mess at Vietnam’s top resort town

    The owners have reported multi-million dollar losses, blaming a drop in Chinese gamblers visiting Ha Long Bay.

    The company running the only casino in Vietnam’s famous Ha Long Bay appears to have been dealt a bad hand.

    The Royal International Corporation said in a new financial report that its losses in the third quarter had jumped 23 times from a year ago to more than VND69 billion ($3.04 million).

    That added to a VND100 billion ($4.4 million) loss in the first nine months, a fourfold increase from 2016, the company said.

    Most of the losses were incurred by its casino operation, but its villa business also played a small part, it said.

    The casino was opened in 2003 but the business has bled red ink since 2013. The company reported a VND154 billion loss in 2014.

    Managers said most gamblers come from Taiwan and mainland China, but fewer have been showing up of late.

    Vietnam has six casinos that open exclusively to foreigners, and four of them are reporting losses.

    Earlier this year the government lifted a long-time ban on Vietnamese nationals to allow them to gamble in two casinos – one on the southern resort island of Phu Quoc and the other at the Van Don Special Economic Zone in the northern province of Quang Ninh Province, close to the loss-making Ha Long casino.

    Both casinos are under construction.

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  • Vietnamese hospitality wins big

    Vietnamese hospitality wins big

    The government is allowing Vietnamese locals to gamble at two locations – the first in Van Don and the other on Phu Quoc Island – as part of a three-year pilot scheme. A third site in Ho Tram is expected to be added to the list.

    The news has evoked the interest of big international names such as Las Vegas Sands, along with local conglomerates like Sun Group, which is, so far, the only Vietnamese company approved to develop a casino in Van Don. More hotels across the country are installing electronic gaming to boost revenue, according to the real estate services firm’s latest report.

    “With Melco Crown Philippines being recognised as the best performing casino stock globally in 2017, it demonstrates that financial success can be achieved with the right planning, and has motivated investors to pursue such opportunities,” Frank Sorgiovanni, head of Research, Hotels and Hospitality JLL APAC, said on the appeal of casinos.

    “Viet Nam’s tourism industry’s renaissance has also driven corporate demand for hotels across the country, while visa exemptions, introduction of new direct air routes and improved marketing efforts have boosted appeal for leisure travellers,” Sorgiovanni said.

    Viet Nam’s gastronomical offerings are proving a further attraction for repeat visitors, especially from Asia, Sorgiovanni said. “The country is fast becoming a ‘foodie’ destination with a vastly improving food and beverage scene,” he added.

    “The outlook for the tourism and accommodation sector is bright with continued marketing efforts, improvements in infrastructure and further development of human resources and services,” Sorgiovanni said.

    “Foreign investors from across the region have shown significant interest in Viet Nam over the past 18 months and the country is becoming one of the most talked about markets in the Asia Pacific,” he added.

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  • Hong Kong investor stakes $500 million to build racecourse in southern Vietnam

    Hong Kong investor stakes $500 million to build racecourse in southern Vietnam

    The company claims the track could earn $2.2 billion a year now that betting has been legalized in Vietnam. A Hong Kong-based company has been given the all clear to conduct a feasibility study for a racecourse in Vietnam’s southern city of Can Tho.

    SIBC International Ltd. met with the city’s leaders on Wednesday to discuss plans to build an entertainment complex that would cover over 150 hectares (370 acres).

    The project, which also includes a hotel, park and golf course, is expected to cost $500 million, it said.

    Once completed, the track could host up to 16 races a day and earn VND50 trillion ($2.2 billion) a year, the company said, adding that it would contribute VND10 trillion in tax each year and create around 20,000 jobs.

    Can Tho officials said the racecourse would help boost local tourism, but given its scale, the city would have to consult the central government before making a final decision.

    The Mekong Delta’s urban center attracted more than 5.3 million tourists in 2016, which was up 14 percent from a year ago and included 22,600 foreigners. Tourism earned the city more than VND1.8 trillion last year.

    Vietnam legalized sports betting earlier this year, allowing its citizens to bet on international soccer games and horse and greyhound races from March 31. The historic decision, made after years of deliberation, has made racecourses a viable investment option.

    The country currently has one greyhound track in the southern beach town of Vung Tau, and a $100 million horse-racing course was opened in the southern province of Binh Duong two months ago. Hanoi has plans to build a $500 million racecourse, but progress has been delayed.

  • Macau police bust WeChat gambling racket

    Macau police bust WeChat gambling racket

    Macau’s Judiciary Police (PJ) arrested seven mainlanders for their alleged involvement in an illegal WeChat gambling operation on April 12, a PJ spokesperson said during a special press conference last week.

    According to the spokesperson, the seven male suspects, aged between 28 and 40, from Zhejiang province solicited gamblers to place bets at local casinos’ VIP tables via WeChat.

    One of the suspects claimed to be a bricklayer while the remainder claimed to be unemployed.

    The spokesperson said the gang had been streaming live gambling from local VIP rooms via the app, adding the police estimated that the racket attracted at least HK$10 million in bets and made a profit of about HK$1.2 million.

    According to the spokesperson, the gang mainly solicited customers from Zhejiang province who paid the gang via bank transfers or Alipay. The spokesperson said police believed that the gang had been “in business” for at least a month.

    The spokesperson said the gang operated out of a suspected illegal inn in Nam Van. The Judiciary Police discovered the illegal gambling activity while investigating the illegal inn.

    The spokesperson said the suspects were facing possible arraignments on illegal gambling charges.

    Several gang members were still at large, the spokesperson said on Thursday.

  • Investors rush to apply for multi-billion dollar casino projects

    Investors rush to apply for multi-billion dollar casino projects

    The $4 billion Nam Hoi An integrated resort project wad restarted by VinaCapital after it found a new partner for the joint venture. The new investor is Chow Tai Fook Enterprise from Hong Kong.

    The project kicked off in 2007 and received an investment certificate in late 2010, but it was delayed for many years as the initial partner – Genting Berhard Malaysia — left in September 2012.

    The other huge project is Ho Tram Strip, a complex of five integrated resorts covering an area of 164 hectares along the Ba Ria – Vung Tau seashore. The project has registered capital of $4.2 billion of which $1 billion has been disbursed.

    Meanwhile, Singaporean Banyan Tree Holdings Limited is moving ahead with Languna Lang Co, capitalized at $1 billion in Hue City. The investor is following necessary procedures to obtain a license for a casino.

    Bloomberg news and Nikkei Asia Review reported that two leading Vietnamese real estate developers are planning to build two integrated resorts with casinos in Phu Quoc and Van Don in 2017. However, the scale of the projects and the detailed plan remain secret.

    Sources said G.O. Max I&D, a South Korean group, is considering investing $1.5 billion in a horse race complex in the north of Hanoi.

    Other projects in the same field, capitalized at less than $1 billion, are being considered by huge investors including Hong Kong’s Matrix Holdings, South Korea’s Global Consultant Network and Australia’s Golden Turf Club.

    George Tanasijevich from Las Vegas Sands, the world’s leading group in casinos, commented that foreign investors see great opportunities in the Vietnamese market.

    He said Las Vegas Sands is eager to develop a project in Vietnam, but this would depend on Vietnam’s policies on casino development in the future, referring to  uncertainties and risks in the next three years after Vietnam opens casinos to Vietnamese players on a trial basis.

    The recently released government decree stipulates that Vietnamese are allowed to go to casinos, but just for a trial period of three years.

    After the trial period, Vietnam will consider continuing to allow Vietnamese to gamble at casinos.

    The business performance of existing casinos (open only to foreigners) varies. While the casinos in border areas report good business results, the casinos in coastal areas depend on the number of tourists from China, South Korea and Japan.

    Running the only casino for foreigners in Ha Long City, Hoang Gia JSC repeatedly reported unsatisfactory business results. In 2016, the casino brought VND88 billion in turnover, but this meant a loss of VND36 billion because of the high cost price of VND123 billion.

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  • Casinos open, but Vietnamese find it difficult to gain admission

    Casinos open, but Vietnamese find it difficult to gain admission

    From March 15, 2017, Vietnamese citizens will have the right to play at casinos licensed by the government. However, they must be 21 years old or above with “full capacity for civil acts of individuals” according to Vietnamese law, have proof of regular monthly income of VND10 million ($450), and be subjected to third-degree taxation according to the law on individual income tax.

    The admission ticket is VND1 million ($45) for 24 hour entry, or VND25 million ($1,126) per person monthly.

    Nguyen Hoang Hai, deputy chair of the Vietnam Association of Financial Investors (VAFI), warned that players would find it troublesome to follow procedures to prove their income.

    “There would be no problem for employees to prove their income, but it would be difficult for businessmen and freelancers to do this,” Hai said, adding that it is unclear what documents people have to show.According to the Ministry of Finance, about 70 percent of taxpayers are subject to first- degree taxation. The people subject to third-degree taxation are those with net monthly income of VND10-18 million.

    Hai said that strict requirements would not attract players. Meanwhile, in Singapore, the requirements on players at Marina Bay Sands are not too complicated: people just need to pay the daily fee of 100 SGD (VND1.6 million), or 2,000 SGD a year (VND32 million).

    Meanwhile, the gambling limit of VND1 million for 24 hours is described as ‘too low’ which cannot satisfy players. Ngo Thanh P, a young businessman in Hanoi, said the low limit would not attract real high-income earners. If so, the goal of increasing revenue from tax collection would be unattainable.

    The owner of a privately run business in Hanoi also said that the low gambling limit would keep successful businessmen and rich people away.

    “VND25 million a month won’t be able to satisfy them. They would rather go gambling abroad than go to domestic casinos,” he said.

    However, opinions about the issue vary. Ha Ton Vinh, an expert on casinos, while agreeing that it is a right decision to open casinos to Vietnamese, stressed that it is necessary to control them strictly.

    In South Korea, there are 17 licensed casinos, but only Kangwon Land is opened to domestic players. The casino is located in a remote area, hundreds of kilometers from Seoul. In Nepal and Cambodia, casinos are open only to foreigners.

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  • Vietnam formally legalizes sports betting

    Vietnam formally legalizes sports betting

    After years of deliberation, Vietnam has finally made a historic decision to legalize sports betting. A new decree released on the government’s official website on Friday will allow citizens to bet on international soccer games and horse and greyhound races starting March 31.

    The minimum bet value is VND1,000 (4.42 cents) while the daily maximum limit is VND1 million ($44).Online betting is out of question for now. Only those above 21 years old are allowed to gamble and bookmakers have to be at least 500 meters away from schools and public venues for children.

    The decree only allows betting on international soccer games recognized by the governing body FIFA and approved by Vietnam’s sports ministry.

    Operators of bookmaking businesses will have to meet strict capital requirements: VND1 trillion ($44.2 million) for horse racing and soccer and VND300 billion ($13.2 million) for greyhound. A bidding process will be held to select one soccer betting provider for a five-year trial phase.

    Officials started working on sports betting rules in 1999 but debates after debates delayed the legalization.

    Vietnam now has one greyhound race course in the southern beach town of Vung Tau. A $100 million horse race course will be opened in the southern province of Binh Duong in April. Hanoi will also build a horse racetrack, a $500 million project that has been delayed for some time.

    The government last month also said it would allow citizens over 21 years old with a monthly income of at least VND10 million ($445) to hedge bets in local casinos from mid-March under a three-year pilot program, breaking a long-year ban of gambling among locals.

    All these recent moves show the government has shifted its stance on gambling, once considered a “social evil.”

    Many locals have broken the long-running gambling ban, creating a lucrative illegal industry for online betting. A number of online operations have been busted in recent years.

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  • Vietnamese to be permitted to gamble in casinos

    Vietnamese to be permitted to gamble in casinos

    The decree, titled 03/2017/NĐ-CP, allows foreigners and overseas Vietnamese situated abroad with a valid foreign passport to gamble in casinos in Vietnam.

    Vietnamese citizens can now also be admitted into domestic casinos, on a three year trial basis. After which, the government will decide whether or not to continue allowing domestic citizens to participate in casino gambling.

    All players must have full capacity for civil acts of individuals according to Vietnamese law and be willing to accept the terms and conditions of the games and the casino’s regulations.

    Vietnamese citizens admitted into casinos must be 21 years old or above with full capacity for civil acts of individuals according to Vietnamese law, have proof of regular monthly income of 10 million VND (450 USD) or be subjected to third degree taxation according to the law on individual income tax. The Ministry of Finance is responsible for providing citizens application forms for these conditions.

    Only enterprises with a Certification of Business will have the legal right to run a casino. The business must be a conditioned commercial act that is closely inspected by the appropriate government authority to ensure operations follow the decree’s regulations and other legal procedures, the decree dictates.

    Players must buy tickets to the casino at 1 million VND (45 USD) for 24 hours entry and 25 million VND (1,126) per person monthly. Players must not be related to casino owners in any way.

    Vietnamese players at casinos must exchange VND for tokens and vice versa.

    Vietnamese citizens who violated national security or committed other crimes abroad resulting in more than three years of imprisonment will not be admitted to casinos. This includes those serving jail time, with or without bail, or any other form of legal punishment.

    The decree did not restrict the amount of capital for business owners, but differentiated between large casinos (of more than 2 billion USD) and small casinos (less than 2 billion USD in capital).

    The decree states that the casino business must be linked to the entrepreneur’s key commercial operations to help boost tourism, trade, diversify entertainment and recreation and enrich tourists’ experience, while assuring security and nation defence, social order and moral health.

    The operation of and participation in gambling games must be transparent, coherent and honest, to protect the rights and legal benefits of parties involved.

    The decree bans gambling between players on results of games at casinos; cheating during preparation, organisation or participation in the casinos; any action that affects security and order in casinos and using gambling machines, tables, tokens and other devices with content not approved by the government.

    The decree also forbids the casino businesses from providing illegal gambling online or telecommunication networks, from smuggling and transferring foreign currency, precious gems and metals and other acts of money laundering, sponsoring terrorism and prostitution and paying out the wrong amount of prize money, among others.

    Organisations and individuals linked to the games’ operations must comply with the decree in its entirety and other legal requirements.

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  • Vietnam OKs casino gambling for locals

    Vietnam OKs casino gambling for locals

    Citizens over 21 years old with a monthly income of at least $445 will be allowed to enter local casinos from mid-March. Betters in gambling-mad Vietnam will soon be allowed to stake their fortune in some casinos across the country, the government said Friday, in a pilot scheme aimed at opening up the lucrative industry.

    The government has long-banned locals from gambling in casinos, despite their popularity among foreigners and hot demand from Vietnamese.

    The government said Friday it would allow citizens over 21 years old with a monthly income of at least 10 million dong ($445) to hedge bets in local casinos from mid-March under a three-year pilot program. Vietnam’s average annual income was around $2,200 last year.

    “After three years… the government will decide whether to continue Vietnamese people’s access to casinos,” a statement on the government website said.

    International casino developers, for whom Asia has become a global gaming engine following the stagnation in the U.S., have been circling Vietnam for some time now.

    With a population of nearly 92 million, analysts said that by lifting the gambling ban, Vietnam could reignite interest in investors who had previously pulled out of casino projects due to tough entry barriers.

    A study by Augustine Ha Ton Vinh, an academic who has researched Vietnam’s gaming industry extensively, showed the country is hemorrhaging as much as $800 million a year in tax revenue from gamblers who cross the border to Cambodia. Vietnamese authorities have endorsed this study.

  • Melco Crown delists from Hong Kong Exchange

    Melco Crown delists from Hong Kong Exchange

    Australian gambling operator Melco Crown has issued a corporate statement, confirming that conditions for its delisting from the Hong Kong Stock Exchange had been met as of 26 June.

    Today will represent the last day of trading by Melco Crown, as the operator expects to be fully withdrawn from the Asian exchange by 4pm Friday 3 July.

    In January Melco Crown governance had submitted the application to voluntary delist from the Hong Kong Exchange, citing reasons of cost and utility and stating that the company had not found a lack “appropriate opportunities to raise additional equity in Hong Kong” and the “very limited” volume of trading in its shares on the exchange.

    Melco Crown operator of casino enterprises in Macau and the Philippines, stated that it would allow its investor the option to transfer their stock onto its primary listing on the US Nasdaq exchange. The operator will further bear the costs of holding shares in a depositary bank for a period of 60 days following its last day of trading.

    Melco Crown further announced last week that it had entered an amendment of its loan facilities, which entitled the business to a total $1.75 billion credit facility supplied via a syndicate of banks.

     

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