Vietnam’s integrated resort (IR) landscape is witnessing a renaissance, as three beachfront IRs — Hoiana, The Grand-Ho Tram, and Corona on Phu Quoc island — blend gaming excitement with luxurious escapism. Each unique in approach, these resorts have not only survived the sharp decline in tourists from mainland China but claim profitable operations. The converging question now is whether the trio can elevate Vietnam into a gaming hotspot for players, operators, and investors alike.
Amid the storm of Covid-19, Hoiana emerged in June 2020 and navigated through rocky waters, a period Hoiana CEO Steve Wolstenholme describes as “character building.” The pandemic was a mere prelude to a bigger challenge when Alvin Chau, the chairman of Suncity Group which had a 34% stake in Hoiana, faced arrest in November 2021, shaking the core of Hoiana’s initial business model geared towards Chinese high rollers. In a swift pivot, Hoiana severed ties with Suncity’s casino management and overhauled operations.
The restructuring involved new stakeholders, with LET acquiring Suncity’s share and Andrew Lo of LET joining the board. As Henry Cheng’s family, known for the New World conglomerate and a strategic stake in Star Entertainment, dominates Hoiana’s shares, attention turns to the $1.3 billion phase one outcomes — from the 1,225 hotel rooms and a supreme golf course to culinary delights in its 20 food and beverage outlets.
At the casino, foreign passport holders can indulge in the 140 gaming tables and 300 EGMs, the latter mainly comprising slot machines. With a clear understanding of their market, offerings prioritize customer favorites such as baccarat, blackjack, roulette, and sic bo, whilst a select number of tables even accept Vietnamese dong for betting.
Exemplifying elegant comfort and stellar service, Hoiana rests on a divine four-kilometer coastline, beckoning guests with both its on-site allure and the charm of central Vietnam. From spas to adventure playgrounds and exploration beyond the resort to the UNESCO World Heritage site of Hoi An, it is a treasure trove of culture and natural beauty.
The Grand-Ho Tram, with its vast golfing greens and triple hotel offerings, champions a strategy focused on the expatriate local market, primarily from Ho Chi Minh City. CEO Walt Power emphasizes the localized approach, despite its appeal for international guests, as evidenced by the success it has enjoyed even amidst travel restrictions.
The resort’s vibrant energy is heightened by diverse events ranging from boxing to horse racing on the beach. Recent backing from Warburg Pincus paired with VinaCapital, and renewal projects led by IHG Hotels and Resorts underline The Grand’s commitment to sustained growth.
With 90 gaming tables and nearly 500 slot machines, The Grand-Ho Tram delivers excellence in gaming, powered by collaboration with International tour operators (ITOs) while successfully curating a hospitable environment that resonates with cultural nuances relevant to its guests.
Phu Quoc’s Corona Resort and Casino, distinct as the nation’s sole casino to welcome Vietnamese without a foreign passport, provides a point of intrigue. After proving monthly income of around US$400 for the past three months, Vietnamese nationals can access Corona’s casino and its 147 tables, 875 slots, and 125 ETG terminals.
Beyond gaming, Corona dazzles with its hotels, entertainment offerings, and facilities that speak of a grand vision in tourism. As General Manager Goran Milosheski notes, the resort has seen record-breaking visitor numbers, substantiating Phu Quoc’s growing appeal as a regional haven for leisure.
The future for these IRs remains ripe with potential, with Hoiana recording stellar gross gaming revenue (GGR) and all IRs eyeing the possibility of local entry into their casinos. As Vietnam’s IR progress is evaluated, VinaCapital shows confidence in the sector’s growth, independent of any policy shifts concerning local access to gaming facilities.
Vietnam’s casino resorts are looking ahead at recuperating prosperity as travel and economic conditions improve post-pandemic. While each IR’s success story might script distinct chapters, together, they build a narrative that could eventually place Vietnam at the center of Asia’s gaming and luxury hospitality stage.
