South Korean foreigner-only casino operator Paradise Co. reported a rise in casino revenue to KRW71.9 billion ($51.3 million) in November, reflecting a 31.3 percent year-on-year increase and a 15.5 percent rise compared to August.
The growth was primarily driven by the table gaming segment, with revenue from gaming tables increasing by 34.2 percent year-on-year to KRW67.5 billion ($48.2 million). In contrast, revenue from machines remained stable at KRW4.4 billion ($3.2 million), showing a slight 0.7 percent decrease from November last year.
Casino revenues for the period from January to November were up 10.1 percent year-on-year, totaling KRW748.2 billion ($533.8 million). This growth was supported by a 9.9 percent increase in table gaming revenue, which reached KRW699.9 billion ($499.3 million), and a 12.4 percent rise in machine segment revenue, which totaled KRW48.3 billion ($34.5 million).
The company operates several prominent casinos, including Walkerhill, Jeju, Incheon Paradise City, and Busan Casino.
Paradise Co. now plans to further enhance its appeal to international guests by developing a luxury hotel in Seoul and upgrading its VIP gaming areas.
Currently, the company is developing a $400 million flagship hotel project, set to begin construction in the first quarter of 2025, with an opening scheduled for 2028. This move is part of a revamped strategy aimed at attracting more international high-rollers to its properties.
Good morning. It’s all in the details. And Vietnam’s legal framework for casinos is either lacking in these or has an overly complicated process which experts say is hindering the long-term growth of the sector. Large foreign investors are itching to break into the market, but need clarity. Meanwhile, in Macau, things are looking up as China has shown its ongoing support for the SAR’s economic growth. However, in the short term, the high-profile visit by the nation’s top brass for the city’s handover anniversary will likely limit gaming activity this month.
Vietnam has immense potential as a gaming hub in Southeast Asia, but it’s being hindered by the current legal framework, which experts argue has unclear investment guidelines. The lack of cornerstone legislation that anchors the industry allows for exploitation of loopholes, while also causing general confusion for outside stakeholders wishing to invest. And facilitating gambling for locals could be a key turning point, as the pilot plan comes to its end.
Asia is the most populated continent on the planet and Football is the No. 1 sport in most countries. The World Cup qualifying matches are traditionally watched by billions of fans in the region, but FIFA has decided to reward Asia with a significant representation at the tournament only now.
Altenar, a leading sportsbook provider is bringing its global expertise to Asia, looking to expand its operations. Since 2011, Altenar has powered hundreds of online sports betting sites worldwide and is a major B2B provider in Europe and Latin America licensed markets.
Malaysia’s Communication Minister has tabled a bill to amend the country’s 1998 Communications and Multimedia Act, to address issues including online gambling, scams, cyberbullying and other issues.
According to reports, this will be the first amendment to the Act since its implementation some 26 years ago.
The bill is also expected to expand the Malaysian Communications and Multimedia Commission’s authority in issuing directions and standards as well as in conducting its audits.
The bill, if approved, would also allow the minister to make further regulations – including harsher penalties for non-conforming operators.
Macau is further improving its infrastructure connections to mainland China, with the new Light Rail Transport (LRT) system linking Macau to the neighboring Hengqin commencing operations on Monday.
According to the company, the new line is expected to increase the flow of visitors and residents between the region and the Lotus roundabout – located at the end of the Cotai Strip.
The new line is about 2.2 kilometers in length, with the trip taking approximately 2 minutes.
Macau’s outgoing Chief Executive Ho Iat Seng was present for the inauguration of the line, one of his final public acts before his replacement on December 20th.
Speaking at the launch event, Ho Cheong Kei, president of the board of the LRT, indicated that “this offers a new form of transport for residents and tourists to Macau to access the Hengqin Port, as well as a integration of transport networks in the Greater Bay Area”.
Authorities have been pushing for further integration, offering relaxed visa measures for Zhuhai residents to enter Macau recently.
This comes amongst an ever-increasing rail network linkage between Macau’s neighboring city of Zhuhai and the rest of the mainland, and the expansion of its international airport.
Kangwon Land, Korea’s only casino accepting local patrons, has announced that it is planning to invest some KRW179.6 billion ($128 million) to construct a ‘second casino business site’, as part of its KRW2.5 trillion ($1.78 billion) new development plan.
According to a filing on Monday, this is ‘To create a more enjoyable gaming environment by addressing the issue of overcrowding in existing casino’.
The change will expand the group’s casino size to 20,260 square meters, from 14,512 m2, while increasing table numbers by 50 (to 250) and machine units to 1,610 (from 1,360).
The location is set as the B1,B2, ‘ground floors, etc’ of High1 Grand Hotel Main Tower. The construction period is between November of this year and December of 2027.
Kangwon Land received approval for the change from the Ministry of Culture, Sports, and Tourism on September 4th.
Equity capital for the project totals KRW3.67 trillion ($2.62 billion).
Casino net revenue at Jeju Dream Tower rose by 45.5 percent year-on-year in November, reaching KRW26.08 billion ($18.6 million). Month-on-month, casino sales increased by 7.8 percent.
The data comes from a filing by Lotte Tour Development, the operator of Jeju Dream Tower, with the Korea Stock Exchange on Monday.
Visitor numbers to the casino in November totaled 35,812, representing a 4 percent decline compared to October but a 25.4 percent increase year-on-year, as outlined in a separate earnings presentation.
Hotel sales for the month amounted to KRW5.56 billion ($4 million), reflecting a 27.7 percent drop month-on-month and a 16.2 percent decrease year-on-year.
For the first 11 months of 2024, casino revenue reached KRW271.05 billion ($193 million), a notable 96.3 percent increase compared to the same period in 2023. Table games generated the majority of this revenue, contributing KRW254.33 billion ($181 million), a 103.8 percent rise year-on-year. Revenue from gaming machines during this period stood at KRW16.72 billion ($12 million), up 26.0 percent year-on-year.
Hotel revenue for the January-to-November period totaled KRW79.09 billion ($56 million), marking a 6.7 percent decline compared to the prior year.
The casino’s table drop – the amount customers wagered on table games – reached KRW133.10 billion ($95 million) in November, a decrease of 2.9 percent month-on-month but a 13.9 percent increase year-on-year.
For the first 11 months of 2024, the table drop amounted to KRW1.38 trillion ($982 million), a 20.6 percent growth compared to the same period in 2023.
Galaxy Gaming, a developer and distributor of innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide, has announced an agreement with the leading platform and content provider BetConstruct, to license Galaxy’s premium table game content across the Live Casino and RNG (Random Number Generator) offerings powered by CreedRoomz and Pascal Gaming respectively.
Under the agreement signed by Galaxy Gaming Inc. and BetConstruct’s parent company SoftConstruct, Galaxy’s popular online brands—including 21+3®, Perfect Pairs®, Buster Blackjack®, Lucky Lucky®, and Three Card Prime® — will enhance BetConstruct’s Blackjack, Baccarat, and Poker offerings, expanding both companies’ presence in the global gaming market.
“We are thrilled to announce that Galaxy games will now be available through BetConstruct,” said Jason McCulloch, Vice President of iGaming at Galaxy Gaming. “As a global leader in table game content, we see strong alignment with BetConstruct’s strong international presence and market reach. We look forward to the opportunities this collaboration will bring as we continue to expand into new markets and deliver exceptional gaming experiences to a broader audience.”
“As we continue to innovate, partnering with Galaxy Gaming allows us to bring some of the world’s most beloved table games to our customers. These exciting titles perfectly complement our game selections and will enhance the offerings from CreedRoomz and Pascal Gaming.” said Sargis Poghosyan, Deputy CPO at SoftConstruct, “Galaxy games are a natural fit for our platform, and help us meet the growing demand for variety and quality across our markets. By adding them, we’re taking another step toward expanding our reach and delivering even more value to our players.”
Vietnam’s casino industry has grown steadily since the 2017 decree that provided a legal framework for its operations, but while the sector has contributed significantly to the national economy, experts argue that gaps in the legal framework could hinder long-term growth and effective management.
The findings were published in a study by Nguyen Thanh Minh Chanh and Vuong Thi Thu Thuy from the Industrial University of Ho Chi Minh City’s Faculty of Law.
Issues include unclear investment registration requirements, ambiguous conditions for obtaining casino licenses, and inconsistent regulations regarding casino operations, which complicate both business investments and regulatory management.
To address these challenges, comprehensive legislation on casino activities is needed, including clear development strategies, planning, and resolutions for conflicts between legal documents. These measures should be implemented cohesively to ensure that the casino sector effectively supports the country’s economic growth.
According to research sent to AGB by the authors, since the decree’s implementation, Vietnam has seen increased revenue and job creation in the casino industry.
From 2017 to 2023, the Ministry of Finance reported nearly VND9 trillion ($370 million) in state budget contributions and the employment of over 10,000 workers. Notably, the Phu Quoc casino alone generated VND2.18 trillion ($88.2 million) in 2023, contributing VND1.23 trillion ($49.7 million) to the state budget.
The organization, operation, facilitation or participation in organized gambling or casino gaming remains illegal in Vietnam, with very specific exceptions, namely the licensed casinos and electronic gaming clubs legally operating across the country.
Vietnam lacks a specific casino or gaming law; instead, its casino operations are governed by a complex framework of laws and executive decrees. The primary regulation is Government Decree 03/2017/ND-CP, effective March 15th, 2017, which outlines that casino gaming must comply with various related laws, decrees, circulars, and guidelines.
Corona Resort & Casino, Phu Quoc, Vietnam
Additionally, several key regulations address foreign investment, casino operations, tax collection, administrative penalties, and foreign exchange management within the industry.
The study authors warn that regulatory challenges remain, since the requirement for Vietnamese citizens to prove a monthly income of VND10 million ($400) to access casinos has drawn criticism for its complexity and lack of feasibility.
On average, every year Vietnamese people take about VND800 million ($31,511) abroad to gamble at casinos, this is not a small number, not to mention the amount of money played at Vietnamese casinos.
So far only the Van Don and Corona Casino projects have been approved for local play, with Van Don reportedly still under construction and only Corona Casino on Phu Quoc Island open to Vietnamese citizens, who are willing to pay the entry fee and satisfy the specific entry requirements, including providing identification and proof of income.
Phu Quoc Island, Vietnam
During the COVID-19 pandemic these rules were relaxed at the Corona Casino in Phu Quoc, with local residents permitted to gamble at the establishment as part of a pilot program that ran for three years. This trial period has been extended until December 31st, 2024.
At the same time, electronic gaming clubs – offering electronic gaming to foreign passport holders only – are permitted to operate in 4 and 5-star hotels predominately located in tourist destinations.
For the authors, the VND10 million ($400) requirement poses challenges, as verifying income for entry is impractical and can lead to fraudulent practices.
‘Observers note that simpler systems, such as identification cards issued by authorities, could streamline the process while maintaining oversight. […] Many Vietnamese travelers seeking leisure do not intend to engage in gambling, making the income verification process cumbersome’ the study points out.
‘In contrast, neighboring regions like Cambodia and Singapore have more lenient regulations, prompting many to travel abroad for simpler gaming options. Despite the Phu Quoc casino generating significant local revenue and attracting over 240,000 visitors, the post-COVID-19 tourism recovery remains challenging. To foster growth in this sector, it is suggested that regulations be relaxed.’
Legal and regulatory gaps
The study also highlights inconsistencies in investment regulations, particularly for casino projects in underdeveloped regions.
Current laws require a minimum investment of $2 billion, with 50 percent disbursed before operations begin, a requirement the authors argue does not account for infrastructure development costs in remote areas, potentially deterring investors.
‘There are many large foreign investors who really want to come to Vietnam to build tourism-resort- shopping-casino complexes. However, legal and institutional problems are still a major barrier that makes investors hesitate’ the study addresses.
‘Therefore, perfecting the legal regulations on regulating casino business activities to suit reality and creating strong progress in this business activity in the coming time in Vietnam is necessary’
The study argues that when businesses want to do casino business in areas with economic difficulties, poor infrastructure or a lack of infrastructure, capital spent on improving connection infrastructure could be included in the total investment for the casino project, capped at 25 percent of the total investment.
Additionally, casino owners would be permitted to transfer their capital contributions within the casino complex for a minimum of five years from the issuance of their casino business license.
Moreover, Vietnam’s casinos face heightened scrutiny due to concerns over money laundering.
While the 2022 Law on Prevention and Combat of Money Laundering has enhanced oversight, experts recommend more detailed guidance, robust enforcement, and international cooperation to counter sophisticated laundering schemes.
The most recent evaluation of Vietnam published in 2022 by The Asia/Pacific Group on Money Laundering (APG), the associate body of The Financial Action Task Force (FATF) concluded that AML/CFT supervision in Vietnam is very limited and the supervision that is conducted is not risk-based.
Casinos have also been scrutinized for their social impact, including gambling addiction and illegal activities. The researchers suggest bolstering measures to prevent gambling-related social issues, such as empowering local authorities, community organizations, and law enforcement to monitor and intervene effectively.
‘Promoting Vietnam’s economy to move forward in a positive direction. However, the process of international integration in Vietnam requires specific changes in law for this ‘smokeless’ industry to develop, it is necessary to improve legal regulations on regulating casino business activities to suit reality and create strong progress in this economic activity in the coming time’, the study authors suggest.
The report underscores the need for a cohesive national strategy for casino development, harmonizing legal documents to minimize contradictions and ensure that the industry contributes positively to Vietnam’s socioeconomic development.
In conclusion, the authors consider that Vietnam’s cautious approach to casino legalization has yielded mixed results. While the industry has bolstered economic growth, particularly in tourism, the regulatory framework requires significant refinement.
By addressing these gaps, experts believe Vietnam could unlock the full potential of its casino industry, positioning it as a driver of economic and social progress in the region.
The CEO of the Victorian Gambling and Casino Control Commission (VGCCC), Annette Kimmitt, is going to be retiring despite two years left in her term.
According to a report in The Guardian, shared by the VGCCC on social media, Annette Kimmitt will leave the regulator in late March of 2025.
Kimmitt assumed her role with the VGCCC in March of 2022, during a heady period in which the regulator was imposing fines and punishments on operators in its bid to clean up the industry and avoid gambling harm.
Some of the moves taken during the period against Australian gaming operators have been termed by some experts as heavy-handed, but the regulator defends that its actions are in defense of residents.
Speaking of her resignation, Kimmitt told The Guardian that it had been “a very challenging and difficult three years” and that her initial impression when joining was a “pretty shell-shocked and under-resourced regulator on the retreat”.
Fran Thorn, Chair at VGCCC
That being said, she praised what has been accomplished since then, noting “We are now recognized as the nation’s strongest gambling regulator. We have really held the industry to account. Since January 2022, we have levied nearly AU$260m in fines. We had 88 disciplinary actions against the industry just last year”.
Speaking of the departure, VGCCC Chair Fran Thorn noted: “Annette’s leadership, drive and laser-like focus were fundamental to transforming the VGCCC following the Crown Royal Commission and, by extension, the state’s gambling industry.”
Vietnam has a special surprise in store for Christmas: Decree 147/2024, a new internet regulation which is set to tighten restrictions on online gaming and card-based games.
According to reports, the decree is set to come into effect on December 25th and includes an impetus to mitigate the social effects of gambling.
This includes the prohibition of casino-like games as well as those using cards and card-based imagery; however, it also streamlines processes for online gaming service providers – helping speed up the licensing process.
While the technical aspect of the decree encompasses tens of thousands of games, it excludes those which have links to gambling, while mandating player verification through phone numbers in Vietnam.
It also requires parental or guardian authorization for players under 16.
The move also limits the amount of time youngsters can spend gaming, with those under 18 limited to one game session of up to 60 minutes and a daily maximum of three hours.
Cross-border games and unlicensed offerings are also under the microscope, with mandates for proper labelling and removal of content that doesn’t follow the country’s payment mandates.
Foreign companies operating gaming in Vietnam are also required to have domestic operations.
The one bonus is that under certain sub-segments of the decree, individual game approval is not required.
“Some companies submit applications for dozens of games at once. To ensure efficient processing, businesses are advised to divide applications into manageable batches,” indicated the nation’s Deputy Director of Department of Broadcasting, Television, and Electronic Information (MIC), Nugyen Thi Thanh Huyen.
The new decree goes further for other operations, with over 200 pages and 62 forms in appendix laying out cross-border information sharing, socials, online games, app stors, internet service management and telecom app service.
Social networks and app stores with monthly visits topping 100,000 per month (over a six consecutive month period) will fall under the regulation.
Failure results in fines, blocks and possible bans from operating in the country, while local internet service and telecom providers are mandated to report and maintain compliance on cross-border information exchanges.
