Vietnam’s decision to open The Grand Ho Tram to local gamblers signifies a substantial shift in its gaming industry dynamics. Historically, the Vietnamese gambling market has been predominantly focused on attracting foreign visitors. However, the recent policy change allows local participation under strict regulatory measures, potentially leading to significant growth for the economy and gaming operators.
The Grand Ho Tram, a major integrated resort launched in 2017, is at the forefront of this development. The resort has committed to implementing world-class responsible gaming practices. These practices are part of a broader strategy to ensure that the expansion of gaming opportunities is sustainable and beneficial for all stakeholders involved.
This shift comes amid the resort’s inclusion in a government-backed five-year pilot program designed to explore the impacts and benefits of local casino play. As part of this initiative, The Grand Ho Tram has adopted a Responsible Gaming Framework. This framework draws inspiration from leading global gaming jurisdictions such as Macau and Singapore, highlighting the emphasis on regulation and player protection.
Industry analysts are keenly observing these changes, suggesting that allowing local players could reduce the number of Vietnamese gamblers traveling to neighboring countries like Cambodia. By retaining these players domestically, Vietnam can channel revenues into local development and attract further investment into its gaming infrastructure.
Comparatively, Macau’s gaming market offers a glimpse of the potential success Vietnam could experience. In November alone, Macau reported gross gaming revenue of $2.64 billion, marking a 14.4% increase from the previous year. This strong performance brings its cumulative annual revenue close to the government’s full-year projection of $28.32 billion, underscoring the viability of a well-regulated gaming environment.
Macau’s success story serves as a powerful example of how a balanced approach to regulation and business opportunity can yield substantial economic benefits. With consistent returns and a thriving operational landscape, Macau illustrates what is possible for Vietnam if similar strategies are applied effectively.
Elsewhere in the region, other gaming developments indicate robust activity and interest. In Australia, Star Entertainment is undergoing significant changes. With a recent $196 million rescue package bringing Bally’s into a position of influence, Star is reorganizing its board. Notably, the inclusion of Soo Kim and George Papanier is seen as a strategic move to infuse international expertise into its operations, indicating a renewed focus on strengthening its competitive edge.
Another key player, Genting, reported impressive third-quarter results, driven by growth at Resorts World Genting. This success highlights the ongoing demand and potential for gaming in the region. Macau is also advancing its infrastructure to support this growth, with plans to increase its taxi fleet by 800 vehicles and develop ride-hailing legislation. Moreover, Resorts World Sentosa’s appointment of Chen Si as COO reflects strategic leadership changes aimed at capturing new opportunities in the market.
Genting’s ambitions extend beyond regional borders, as it has emerged as a strong candidate for a New York casino license. This interest underscores the increasing international scope of the region’s leading gaming operators and their commitment to expanding their global footprint.
Despite the optimistic outlook, some industry observers express caution regarding Vietnam’s new policy. Concerns about responsible gambling practices and potential social impacts remain. Ensuring that robust regulatory frameworks are in place to mitigate these risks is essential for the long-term success of the initiative.
In summary, Vietnam’s decision to allow local gambling at The Grand Ho Tram could significantly alter the country’s gaming landscape. By following the footsteps of established markets like Macau and carefully managing regulatory measures, Vietnam has the opportunity to cultivate a prosperous and sustainable gaming industry. As the pilot program progresses, the outcomes will undoubtedly influence the broader strategy for gaming operations across the nation, potentially setting a new standard for integration and growth within Vietnam’s economy.
