EKR explores gaming opportunities in Vietnam
Bilyonaryo Enrique K. Razon Jr., owner of Solaire Casino and Resort, is looking at Vietnam’s lucrative casino market as he expands his gaming footprint in Asia.
Razon said Vietnam offers a huge upside for business and leisure tourism given its sustained economic growth trajectory, rising incomes, growing number of tourists, and the relaxation of its local gaming restrictions.
Gaming operators across the globe are turning to Asia for expansion due to its high traffic and the influx of VIP gamblers.
“Southeast Asia has more opportunities for gaming than ports,” said Razon, who also owns Jeju Hotel and Casino located in South Korea’s Jeju island.
The lifting of the gambling ban, which allows Vietnam locals over 21 years with a monthly income of at least $445 to enter local casinos under a three-year pilot program, has reignited interest from gambling firms worldwide to build an integrated resort in either Hanoi or Ho Chi Minh.
Vietnam has several casinos but these are mostly small in scale.
Based on data from the World Tourism & Travel Council, the tourism industry will continue to fuel Vietnam’s gross domestic product as it is seen to jump 90 percent to $34.6 billion in 2027. The number of tourist arrivals in Vietnam increased 30 percent to 8.47 million as of the end of August this year.
At the same time, Razon said he has dropped plans to sell casino business in Korea, which has seen a turnaround in its finances.