Daily Asia Gaming eBrief: Vietnam revives Van Don casino plan after decade-long delay

News

AGBrief Editorial

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June 2, 2025

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Daily Asia Gaming eBrief: Vietnam revives Van Don casino plan after decade-long delay

Good Morning. Vietnam’s Ministry of Finance has resubmitted a proposal for the Van Don casino plan, which has been pending for over a decade since the Politburo approved it. The project, led by the Sun Group, involves a $2.16 billion luxury casino and resort complex in Quang Ninh province, near Ha Long Bay. Meanwhile, Thailand’s entertainment complex bill could generate up to $5.5 billion in total output, according to a parliament report. In Australia, two northern casino operators have received instructions to appoint external auditors following scrutiny by AUSTRAC over AML/CTF controls.

What you need to know

Vietnam re-proposes $2B Van Don casino near Ha Long Bay, with phased development and possible return of local gambling rights.
Thailand’s casino-linked entertainment plan could add $5.5B to the economy, but uneven benefits and oversight worries remain.
Two northern Australian casino operators are under scrutiny by AUSTRAC over AML/CTF controls, receiving instructions to appoint external auditors.

On the radar

Macau May GGR totals $2.62 billion, the highest so far this year.
IEC awards $18.6M Phase 2 contract for New Coast Manila casino upgrade.
Ng Man Sung retires as Chairman and CEO of Century Entertainment.
AGTech Holdings is expecting a $12.5M loss for the financial year.

AGB Intelligence

VIETNAM

Vietnam proposes local gambling at new Van Don casino complex

Vietnam’s Ministry of Finance has resubmitted a proposal for the long-awaited Van Don casino plan, originally approved by the Politburo over a decade ago. The project entails a VND51.5 trillion ($2.16 billion) luxury casino and resort complex in Quang Ninh province, strategically located near Ha Long Bay. Currently under review by Prime Minister Pham Minh Chinh, the investment will involve VND7.7 trillion ($297 million) from an investor, with the remainder financed through bank loans.

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Industry Updates

Wynn highlights Macau’s diversity in Seoul to push international markets.
QTech Games adds KA Gaming’s award-winning games to its platform.
Evoplay launches 9-month network tournament with €2.5M prize po

INTELLIGENCE | ASEAN | CAREERS

The studio’s franchise has been a resounding success since the original game debuted. 7s Fire Blitz™ accounted for 1.02% of the entire US iGaming GGR in October 2024 and has been played by over one million unique players in the past 12 months, leading to it being awarded the prestigious title of ‘Game of the Year’ at the 2025 SBC Awards Americas.

Daniel Lechner, SVP Sales and Marketing at White Hat Studios, said: “The 7s Fire Blitz™ family has become a key part of White Hat Studios’ brand identity since the original game went live and has been a major factor in our commercial growth over the past year. In response to continued appetite for the franchise, we are planning several product releases for the second half of 2025, with each game iteration introducing fresh gameplay and features to breathe new life into the series.”

“FanDuel remains a valued partner of ours, and we have no doubt 7s Fire Blitz™ Power 5 Jackpot Royale Express™ will capture its players’ attention throughout the exclusivity period and beyond,” he added.

Along with this sustained performance, White Hat Studios is set to roll out a number of new additions to the game family in H2 2025, including 7s Fire Blitz™ Win Boost, 7s Fire Blitz™ Power Up, and 7s Fire Blitz Hotstepper™ Megaways™, which introduces the dynamic mechanic to the previous variant of Eilers & Krejcik’s ‘Slot of the Month’ for February 2025.

Throughout the 4-day event in The Hyundai Seoul, Wynn is presenting Macau as a unique, multifaceted destination for both tourism and business through multiple online and offline channels, aiming to showcase Macau’s dynamic “tourism +” offerings, attract more overseas tourists to the city, and help develop international markets.

To attract more international visitors to Macau, Wynn has prepared a series of travel offers and a lucky draw for the Seoul roadshow, giving participants the chance to win Wynn vouchers and other exquisite gifts.

Wynn team members also held discussions with local tourism operators and introduced the rich array of experiences available at Wynn Macau and Wynn Palace and their unique glamour, all in an effort to strengthen cooperation with overseas industry operators and facilitate the long-term development of the MICE industry in Macau.

The Wynn exhibition booth adopts a design inspired by the iconic SkyCab at Wynn Palace and features the vibrant colors of the brand and an artistic floral backdrop decorating the wall, attracting many locals to take photos and giving visitors an immersive experience of the property.

Many visitors also enjoyed taking photos and interacting with “Wing Wing” and “Lei Lei”—the cheerful and friendly ambassadors of Wynn Care.

Wynn continues working closely with the Macau SAR Government and all sectors of the society to showcase Macau’s extensive “tourism +” elements and unique advantage as a World Center of Tourism and Leisure through a variety of events, thus helping the city to achieve the goals of developing overseas tourism markets and driving appropriate economic diversification.

The group notes that the majority of the loss, totaling HK$70 million ($8.93 million), is derived from a fair value loss on convertible term loan facilities provided to a 45-percent-owned joint venture company in India – First Games Technology Private Limited. First Games provides an app for real money games, including rummy and fantasy sports.

The group furthers that it’s expecting a one-off loss on a receivable from an independent third-party totaling approximately HK$10 million ($1.28 million).

It also indicates that it suffered a decrease in revenue to HK$610 million ($77.8 million) for its 2024/2025 financial year. This is partially attributed to a shift in its financial year from 15 months to 12 months, with the group registering HK$767 million ($97.8 million) in revenue during the 15-month period ended March 31^st, 2024.

A drop in revenue from its digital payment business of ‘not less than HK$30 million ($3.83 million)’ is expected for its 2024/2025 financial year ‘as a result of a decrease in tourists’ spending in Macau’, as well as the end of a consumer subsidy scheme for locals which ended in 2023.

The shift in leadership could call into question the loans provided by Ng to the company, in particular two convertible bonds worth HK$50 million ($6.38 million) and HK$32 million ($4.1 million), respectively due on September 30^th, 2025 and December 30^th, 2026. The company previously indicated that Ng would ‘not call for repayment‘ of the convertible bonds and would ‘further provide sufficient financial supports for the Group’s working
capital for a period of at least 12 months’ (from December of 2024).

According to the group’s interim report, other borrowings from third parties to the company amounting to HK$58 million ($7.4 million) ‘are also personally guaranteed by Mr. Ng’.

As of September 30^th of last year, the group had total assets amounting to just HK$32.2 million ($4.11 million) and net liabilities of approximately HK$91.2 million ($11.63 million).

Under its current agreement, the group is managing seven tables in VIP rooms, with a monthly lease price of $35,000, with the group entitled to 100 percent of house winnings, while being responsible for any house losses. Operations of the tables officially commenced on October 1^st, 2024.

International Entertainment awards $18.6M Phase 2 contract for Manila casino upgrade

Philippines

Viviana Chan

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June 1, 2025

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International Entertainment awards $18.6M Phase 2 contract for Manila casino upgrade

Hong Kong-listed International Entertainment Corporation (IEC) has entered into a Phase 2 construction contract valued at approximately PHP1.05 billion ($18.6 million) for the continued renovation and enhancement of its New Coast Hotel & Casino complex in Manila, Philippines.

The agreement was signed on May 30th, 2025, between IEC’s indirect wholly-owned subsidiary, New Coast Leisure, Inc. (NCLI), and Kimberland Construction Inc., an independent Philippine contractor. Under the contract, the contractor will be responsible for designing, constructing, furnishing, and upgrading various elements across the ground and third floors of the casino, as well as guest rooms and common areas within the hotel.

New Coast Hotel, International Entertainment, Manila — _{New Coast Hotel Manila}

Construction works are scheduled for completion by the end of 2025. In the event of delays, the contractor may be subject to liquidated damages capped at 10 percent of the contract value.

This latest contract forms part of a larger renovation initiative disclosed in prior announcements dated September 27th, 2023 and May 9th, 2024. The initiative follows IEC’s receipt of a Provisional License from the Philippine Amusement and Gaming Corporation (PAGCOR) to establish and operate a casino. The license requires the group to invest between $1 billion and $1.2 billion into the integrated resort project. Casino operations officially began in May 2024.

The ongoing upgrades are designed to align the hotel infrastructure with the operational needs of the casino. The Phase 2 works follow the Phase 1 contract, signed in February 2025, and are expected to increase the casino’s gaming capacity from 80 to over 110 tables and from 500 to more than 920 slot machines.

The contract was awarded through a competitive tender process and will be financed through a combination of internal resources and debt financing. According to IEC, the renovation is aligned with the company’s strategy to enhance customer experience and drive future revenue growth.

The construction sector will experience the highest impact, with output expected to reach THB100.09 billion ($2.93 billion). Non-metallic products follow with THB19.61 billion ($575 million), while services and trade sectors are projected to generate THB12.57 billion ($368 million) and THB9.44 billion ($277 million) respectively.

Total value added is projected to increase by THB68.11 billion ($2 billion), distributed across wages and salaries at THB21.38 billion ($627 million), operating profits at THB27.07 billion ($793 million), depreciation at THB15.14 billion ($444 million), and net indirect taxes at THB4.50 billion ($132 million).

As explained previously by the government, the entertainment complex bill aims to promote tourism through man-made destinations, attract tourists, stimulate investment, and generate revenue while enhancing employment opportunities. It seeks to bring legalized casino and gambling businesses under a regulated system, ensuring proper revenue and tax collection.

Long-term economic benefits

The report mentions that the entertainment complex projects are expected to continuously attract large-scale investments from experienced global tourism developers and develop new forms of tourism to draw high-quality visitors. The project aims to create permanent employment opportunities in the service sector and supporting industries while ensuring sustainable tax revenue by integrating casino and gambling businesses into the formal economy.

Additionally, the initiative seeks to elevate Thailand’s status as a regional tourism hub and establish a new business ecosystem connecting local entrepreneurs with high-quality tourists.

Despite potential economic benefits, the entertainment complex project may lead to significant negative impacts across multiple dimensions. Social issues include gambling addiction, particularly among economically vulnerable groups, potentially resulting in household debt, domestic violence, and associated crimes such as illegal lending and money laundering.

Economic disparities may emerge as the project concentrates in economically developed areas, potentially leading to uneven distribution of investment and public services. Rising land prices and living costs in such areas could exacerbate inequality.

The report also mentioned that regulatory risks present additional concerns, as ineffective governance and oversight could lead to corruption, money laundering, and human trafficking, posing threats to the country’s financial system. The formalization of casinos may also affect Thai cultural values, influencing youth perceptions on wealth acquisition through gambling rather than traditional means.

Studies indicate a correlation between casinos and increased alcohol consumption, with reports showing that 20 percent of young gamblers regularly consume alcohol. This may result in direct and indirect economic and social costs, including health issues, accidents, and violence.

Thailand with the potential to become the world's third-largest gaming market

Government recommendations

The Parliamentary Budget Office recommends the government prioritize balancing economic benefits and social impacts. While 62.05 percent of countries worldwide (121 countries) have casinos (according to data cited by the PBO), not all have successfully managed their social consequences. Thailand should study both successful models, such as Singapore, and failures of countries struggling to mitigate social impacts effectively.

Experts note that strategic planning for entertainment complex development should ensure a balanced mix of revenue between casino operations and other entertainment activities. Over-reliance on gambling businesses should be avoided, with strict regulatory measures in place to prevent potential social risks.

The office also highlights concerns about equitable distribution of benefits, noting that wage and salary proportions account for only 31.3 percent of total value added, whereas operating profits make up 39.8 percent. This suggests investors may benefit significantly more than workers, potentially conflicting with Thailand’s goal of income distribution and reducing inequality.

A source familiar with the matter told AGB that the Ministry of Finance re-submitted the Van Don casino proposal on May 21st, seeking further guidance from the Prime Minister. The ministry has recommended that the Quang Ninh Provincial People’s Committee be authorized to select the project’s investor.

While the investor has yet to be finalized, the proposal is currently led by Vietnam’s Sun Group Corporation.

The development will have an operational period of 70 years and is planned across three phases:

Phase 1 (2023–2027): $1 billion
Phase 2 (2027–2031): $883 million
Phase 3 (2031–2032): $174 million

Total estimated investment: $2.16 billion

If approved, the Van Don project would become one of the most high-profile integrated resort developments in Vietnam, further reinforcing Quang Ninh’s strategic role in the country’s tourism and entertainment sectors.

The ministry also proposes that Vietnamese citizens be allowed to participate in casino gambling at the resort under an existing pilot program.

The potential inclusion of domestic gamblers has been a key sticking point in Vietnam’s gaming policy, which has traditionally restricted casino access to foreigners. In 2016, Van Don was one of the two locations approved by the Politburo to allow local gambling.

It is also important to note that the proposal stipulates construction must be completed within nine years after the license is granted.

This development comes after a pilot program launched by the Vietnamese government, which allowed local gamblers to play at selected venues. However, following the trial’s expiration at the end of 2024, Vietnam currently has no casinos where local citizens are permitted to gamble. The trial program notably included the Corona Resort & Casino on Phu Quoc.

What you need to know

On the radar

VIETNAM

Corporate Spotlight

Industry Updates

Table of Contents

The top iGaming provider in the United States market, White Hat Studios, has unveiled the latest addition to its award-winning 7s Fire Blitz™ game family, which is exclusively live with FanDuel before a network-wide release.

Table of Contents

Australia’s financial watchdog says that it has one casino resort in Queensland and one in the Northern Territory ‘under scrutiny’, ordering compliance audits.

Table of Contents

Wynn Resorts (Macau) is participating in the mega roadshow “Journey to Experience Macao” held by the Macao Government Tourism Office (MGTO) in Seoul, Korea, from May 30 to June 2.

Table of Contents

Lottery and gaming technology supplier AGTech Holdings Limited is expecting to record a net loss of not less than HK$98 million ($12.5 million) for the financial year ended March 31st.

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Hong Kong-listed Century Entertainment has announced that its Chairman and CEO Ng Man Sung has resigned from his roles with the company ‘due to other personal commitment’.

Hong Kong-listed International Entertainment Corporation (IEC) has entered into a Phase 2 construction contract valued at approximately PHP1.05 billion ($18.6 million) for the continued renovation and enhancement of its New Coast Hotel & Casino complex in Manila, Philippines.

Table of Contents

Thailand’s entertainment complex bill could bring a total output of up to THB182.19 billion ($5.5 billion), according to a report by the Parliamentary Budget Office (PBO) cited by local media outlet The Nation.

Long-term economic benefits

Social and economic concerns

Government recommendations

Table of Contents

Vietnam’s Ministry of Finance has re-submitted a proposal to the Prime Minister for the development of a Van Don casino plan, after more than a decade-long delay since the idea was approved by the country’s Politburo.

Table of Contents

Macau’s gross gaming revenue reached its highest monthly amount this year in May, totaling MOP21.19 billion ($2.62 billion), a considerable 12.38 percent month-on-month rise.

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ENQUIRIES & SUBSCRIPTIONS

CONTACTS

Lottery and gaming technology supplier AGTech Holdings Limited is expecting to record a net loss of not less than HK$98 million ($12.5 million) for the financial year ended March 31^st.