Appetite for more Casinos in Vietnam

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Is there truly an appetite for more casinos and gambling venues in the country of Vietnam? All signs point to a definite yes, including the fact that the Vietnamese people are already keen on gambling, Asia as a whole is becoming one of the world hubs for casino gambling and the Vietnamese government is looking to keep as much money in their country as possible.

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The fact is, all over Asia money keeps pouring in from gambling revenues in countries like Macau and Singapore, to name just two, not even mentioning the online portals like M88 Indonesia. Indeed, Macau is now bigger than Las Vegas, Singapore is already in the billions of dollars when it comes to gambling revenues and even the few casinos in Vietnam, frequented by tourists only as Vietnamese citizens aren’t allowed in to gamble, are still doing relatively well.

The governments of countries from all over Asia are scrambling to get a piece of the casino gambling revenue that’s literally flying all over the place. From Fiji to Sri Lanka and everywhere in between, gambling is seen as one of the best ways to increase tourism, and tourist dollars, into their respective countries.

Vietnam is no different and, even though it’s still illegal for Vietnamese citizens to gamble in their own casinos, the Vietnamese government is considering making sweeping changes that will allow them to finally gamble in their own country instead of having to go out of country to do so.

“The key drivers are rising incomes and pent-up demand for gaming, considering the high appetite to gamble in many Asian cultures,” says Aaron Fischer, a gaming analyst at CLSA brokerage in Hong Kong.

Jonathan Galaviz, a casino industry analyst, said that by the end of 2015 Asia will more than likely overtake the United States to become the world’s largest legal casino gaming market. The fact is, in 2013 the Chinese enclave of Macau earned a record $23.5 billion, an increase of nearly 16% from 2009. In Singapore they already have gambling revenues to rival Las Vegas and, even though their first two casino complexes only opened in 2010, they’re expected to bring in nearly $6.5 billion this year.

Many of the people going to these casinos are from Vietnam because, as stated earlier, they aren’t allowed to gamble in their home country. The Vietnamese legislators and politicians want to change that fact because they’re tired of seeing millions of dong, the Vietnamese currency, leave their country every year. Although they have a limited amount of casinos right now, they are only open to foreigners and frankly aren’t on a par with some of the gambling locations in other Asian countries.

So yes, as with practically every other country in Asia, there is definitely an appetite for more casinos, and more gambling, in Vietnam. In fact, it’s only getting bigger.

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