track, villas, shopping mall, hotel and sports venues. But six years later construction hasn’t started
Te Lam Dong province also approved a racecourse project from the Tien Ma Madagui Racing Joint Stock Company in 2014. After a lull, construction has just begun and it’s expected to be operational by 2018. Hong Kong’s Matrix Holding Limited also proposed a development for a horse racing complex in the city of Da Nang which would include horse racing, health care unit and betting and entertainment services.
So at the moment the only race track open is via the greyhound racing track at Lam Son Stadium in Vung Tau City with races held twice a week. Te track was opened in 2000 and a 25 year licence was given to Sports Entertainment Services.
Te stadium has a total capacity for up to 6,000 people and SES had planned to open a network of seven other tracks in Vietnam although there still remains just the one track.
In mid 2016 Hong Kong’s Success Dragon International Holdings Ltd entered into an agreement for the provision of outsourced management services with SES for greyhound racing in Vietnam. Te management deal is for seven years and gives Dragon a monthly
management fee with the aim of ‘identifying areas of possible expansion’ in the gaming sector in Vietnam.
Te track has on average around 3,000 attendees most race evenings and the average bet is around $3.
Current regulation limits the number of OTBs to five per track and these must be located in the same province as the track. Tis however is expected to change to six and in any location.
A report suggests that if three race tracks are open in the next three years the market could see around $1bn in total handle by 2019. Online handle could be responsible for at least $87m in annual handle by 2019 as online gaming catches on with an estimated 10,000 daily players by this time.
CASINOS & SLOT HALLS Currently the country has 45 registered
gambling businesses of which 15 are in the north, six in the centre and 24 in the south.
Tis sector saw VND10,990bn in total revenues between 2011 and 2015 and profit before tax was VND2,080bn with VND3,723bn to the state budget. Te highest percentage comes from the south with 81 per cent. Although the slot halls and casinos don’t currently permit locals to
gamble with the increase in foreign citizens living in Vietnam and the growth of the tourist market there is a strong attraction for more foreign investment in this sector plus a change in law to permit locals in two casinos under a pilot project.
Slot halls are mostly in urban areas whilst the casinos are in the resort areas. For the Vietnamese who wish to gamble they cross the border into Cambodia.
Te slot halls are only permitted in five star hotels once they have been profitable for at least one year and can offer one slot per five hotel rooms. Tey are mainly found in the Ho Chi Minh City area with 12 halls and Hanoi has six halls. Tere are a total of around 22 slot halls in Vietnam all run in five star hotels by a 2013 government decree.
New rules introduced at the end of last year also state a minimum 90 per cent payout for slot machines.
Success Dragon International is a consolidated service provider of outsourced management solutions to the gaming industry and has headquarters in Hong Kong and offices in Macau and Vietnam.
Te company is now keenly looking at NEWSWIRE / INTERACTIVE /
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