VietNamNet Bridge - As regulations prohibiting Vietnamese people to play at casinos are increasingly being concretized, many foreign investors begin to be discouraged before the investment opportunities that they once thought were to be very attractive.

In 2010, Genting Malaysia Berhad, a subsidiary of Genting Group (Malaysia) and VinaCapital are very excited to announced their $4 billion resort project named Nam Hoi An, with one of the most important item being a bonus game center or casino. However, in 2012, the Malaysian investor suddenly announced its withdrawal from the project without giving specific reasons.

One other giant of the "gambling" industry - Las Vegas Sands, in late 2012 also said about its plans to invest in two integrated resort complexes in Vietnam with a total value of $6 billion, it has not taken any further action. Speaking to the media at that time, Las Vegas Sands Chairman said casino is the key profitable factor for the resorts, but the laws of Vietnam restrict the range of players.

The most mentioned project is the $4.2 billion Ho Tram Strip project of Asian Coast Development Limited (Canada). Although the first phase of the project, with a casino including 90 tables and 614 bonus games machines, opened in late July 2013, this project was delayed for a half of year. Besides, the project also faced a lot of problems, such as the CEO being sued and the operator MGM Hospitality announced its withdrawal from the project, etc.

In addition, a variety of other billion USD casino projects are also at a standstill. The New City project by New City Corporation (Brunei) with $4.3 billion capital in the central province of Phu Yen is still at the stage of clearance though it was licensed in 2008.

In the same plight, is the $4.1 billion Saigon Atlantis Hotel in Ba Ria - Vung Tau. The $4 billion Dragon Beach project in Quang Nam province also had its license withdrawn due to financial problems.

Most recently, Quang Nam authorities also asked Vinacapital to name the investor who will replace Genting in September 2013 and then they will decide the future of the Nam Hoi An project, according to Mr. Do Xuan Dien - Deputy Head of the Management Board of Chu Lai Open Economic Zone.

Thus, numerous casino projects of foreign investors have yet to see the future clearly. Meanwhile, the Prime Minister issued a decree on casino business, stating that the Vietnamese are not allowed to play at casinos. This is the kind of business that is not subject to any tax incentives.

Experts said that the new provision will place more barriers to investment in casinos because the number of international visitors to Vietnam is not as large as its neighboring countries, such as Macau, Hong Kong (China) and Singapore.

Figures from the General Statistics Office also pointed out that in 2012, nearly 7 million international visitors came to Vietnam, less than half of Singapore.

Economist Le Dang Doanh commented, though Vietnam is not keen to attract foreign investment in casinos, but if it accepts casino business, it should have adequate policies for this activity.

"The casino-related policies are in conflict with each other. The Vietnamese are not allowed to play at casinos at home so they cross the border to gamble. We need a policy that is more realistic to effectively control those who go to casinos," he said, adding that if Vietnam deals with this, it should attract foreign investment in bonus games.

Na Son