The local casino market is likely bigger than most expectations, said Union Gaming Securities Asia Ltd.
Vietnam.- A new analysis revealed that Vietnam’s casino market could be worth much more than what it was expected. Union Gaming Securities Asia Ltd said that the almost 30 gaming facilities make the market worth US$1.2 billion approximately.
Analyst Grant Govertsen said on Wednesday that they tallied 400 gaming tables and more than 3k slots/ETGs (electronic table games) seats, cited GGRAsia. The Vietnamese government doesn’t reveal gross gaming revenue (GGR) figures from the existing facilities, but Union Gaming estimated that GGR on a national level stands between US$800 million and US$1.2 billion, based on information released by three publicly traded companies and conversations with operators, said the news outlet.
Late last month, a senior executive from Hard Rock confirmed the company’s interest in developing and operating a casino at the Laguna Lăng Cô resort in Thua Thien Hue, Vietnam. The official said that they’re ready to begin construction as soon as the government allows so.
Nevertheless, Govertsen said that details are still quite murky as to the respective scope and timing of the respective IRs in Phu Quoc and Van Don, “suffice to say that they have been awarded to local Vietnamese property developers with no gaming experience.” The analyst added that neither of these locations are easily accessible from the major population and wealth centres of Hanoi and Ho Chi Minh City.