$200 Million Horse Race Track in Da Nang Approved
Officials in Vietnam are making it clear they intend to expand their gambling industry. This country is set to welcome a number of new casinos over the next few years. Now, it’s coming out that a $200 million horse race track in Da Nang has officially been approved.
Let’s look back at the unique history of gambling inside Vietnam since the Communist takeover. We’ll talk about the future of the gaming industry here, and what to expect for this country’s online gambling market.
Changes in Vietnam’s Gambling Laws
In 1975, the Communist party in Vietnam took control of the country. Since that time, gambling has been completely banned. Anyone here caught gambling, even a small amount, could face severe consequences including jail time.
Vietnam has changed a lot since then. Lawmakers here began talks to open up industries that had long been deemed illegal. Casinos began opening up around the country, yet only foreigners were allowed to play inside of them.
The government in Vietnam recognized that illegal gambling was growing more popular. To fight against this, they created legislation for locals to legally place bets. In 2018, it became legal for Vietnamese citizens to gamble inside casinos if they could prove an income of more than $445.
New plans for casino construction are popping up around the country. Most recently, the government here approved the construction of a horse race track in Da Nang costing more than $200 million. It’s an exciting time for fans of gambling around the country.
Steps to Approve the Horse Race Track in Da Nang
Vietnam is allowing its locals to gamble for a three-year period. During this time, the government will be monitoring the industry and the impact it has on the economy. Regardless of the future for locals to gamble, officials in Vietnam are investing heavily into the industry.
In November of 2018, Vietnam allowed plans for a $500 million entertainment complex including a casino to be built in Hanoi.
The small island of Phu Quoc is now home to a number of casinos. Here, locals are able to gamble. There are also major casinos located in Haiphong, Bac Ninh, Da Nang, and more.
Matrix Holdings will be constructing this horse race track. It’s important to note that before construction can begin, the National Assembly must give its approval. It’s unclear whether or not this track will include any casino-style gambling games. The horse race track in Da Nang will be open to foreigners and locals.
The liberalization of Vietnam’s gambling industry is said to have increased the tourism industry here by 26%. Hope is high that the horse race track in Da Nang will significantly increase tourism in the city.
Will Online Gambling Become Legal in Vietnam?
There’s no doubt that Vietnam is investing heavily in its casino industry. Before long, this country may be competing with places like Macau and the Philippines (where the casino industry is booming) as a major gaming hub in Asia. Unfortunately, online gambling laws here haven’t changed.
All forms of online gambling are banned here. There are no legal internet gaming options for locals and foreigners to access. Despite this, many Vietnamese people choose to make wagers through online gambling sites based in Europe.
There are no indications that Vietnam will begin regulating its igaming industry anytime soon. Officials here are just finally beginning to open their land-based market. As we’ve seen before, regulation of the internet gambling industry is much more difficult.
If the brick and mortar casino market begins earning the government here significant revenue, perhaps they will open their online market in the future. For now, the only option here is to play through unregulated sites based abroad.
What do you think of the horse race track in Da Nang being approved? Will the gambling industry here grow to become one of the strongest in Asia? Let us know what you think in the comment section below!
Denmark is somewhat of a pioneer in the European gambling industry. It was ...
India is notorious for its tough laws on the gambling industry. Despite the...
Malaysia has never been considered a gambling-friendly country. In recent m...
For most of 2019, Italy’s gambling revenue has increased. Unfortunately, ...