The Executive Vice President of the Association of Industries of the Dominican Republic, Circe Almánzar, highlighted the benefits that regulatory progress would mean for the country.
Dominican Republic.- At the opening day of the Gaming & Technology Showcase (GAT 2024), in Santo Domingo, the businesswoman Circe Almánzar advocated for a prompt and effective regulation of online gaming in the country.
Almánzar, known for her role as Executive Vice President of the Association of Industries of the Dominican Republic (AIRD), discussed the challenges and opportunities facing the online gaming industry in the country, emphasizing the absence of a regulatory framework, which has left players vulnerable to fraud and security breaches.
Her presentation followed that of Claudia Álvarez, Director of Casinos and Gambling of the Ministry of Finance, who spoke about the regulatory advances and supervision of that sector in the Dominican Republic.
During her speech, Circe Almánzar pointed out that the regulation of online gambling could become a significant source of tax revenue for the Dominican Republic.
“In light of the current tax reform, the regulation of these games offers an opportunity to generate new sources of income, benefiting both the state and the companies in the sector,” explained the businesswoman.
Almánzar also emphasized the need to protect local consumers, mentioning that unregulated platforms operate without adequate supervision and expose players to financial risks and unfair practices. “With an effective regulatory framework, we can ensure that these platforms comply with global security standards and, at the same time, reduce the risks associated with money laundering and the entry of illicit resources,” she stated in this regard.
One of the key points the businesswoman also addressed was the protection of personal and financial data of users of online gaming platforms. Almánzar explained that, in the absence of regulation, players are exposed to risks such as identity theft and financial fraud. A clear regulatory framework, she added, would ensure the privacy of users and protect their rights against potential scams.
See also: Dominican Republic: ASONABIL denounces obstacles that prevent the regularization of lottery banks
From an economic standpoint, regulation would also contribute to providing a safe investment climate for operators, as explained in her presentation. By regulating the sector, the state could capture funds that would otherwise flow to unregulated platforms, thus losing a significant opportunity for tax revenue.
Almánzar highlighted that the impressive growth of online gaming also brings significant challenges. In many countries, the lack of a regulatory framework has left players exposed to fraud and addiction, as well as more vulnerable to the illicit use of platforms, such as money laundering.
The investment will be made over the next two years.
Vietnam.- Steven Wolstenholme, the president and CEO of Hoi An South Development has announced that the company plans to invest VND25.4tn (US$1bn) in the Hoiana Resort & Golf integrated resort (IR) in Quang Nam. The investment will be made over the next two years.
Development on Hoiana Resort & Golf began in 2016. The initial phase included the construction of four five-star hotels, a casino, restaurants, and a golf course. After delays due to Covid-19, the resort held its opening in 2021. As of August this year, it has seen half a million visitors, with 80 per cent being international guests.
According to The Investor, the IR contributed VND1tn to provincial revenue in 2022-23 and VND396bn during the first half of 2024, representing 55 per cent of collections from foreign-invested enterprises (FIEs) in Quang Nam. These contributions might grow with the joint Southeast Asian visa initiative, Six Countries, One Destination., which would allow visitors to move freely between Thailand, Cambodia, Laos, Malaysia, Myanmar, and Vietnam with a single visa.
Quang Nam, known for its beaches and cultural heritage, is located 30 kilometres south of Da Nang in central Vietnam and is the only province in the country with two UNESCO World Heritage sites.
See also: Hoiana Resort & Golf appoints Melvyn Boey as CFO
In August, the Vietnamese government extended the trial period allowing local citizens to gamble at select casinos. The trial period at the Phu Quoc casino, the first and only Vietnamese casino that currently allows locals to enter, has been extended until December 31, 2024. Other casinos will have a three-year trial from the date they receive their Certificate of Eligibility.
The Ministry of Finance, in collaboration with the Ministry of Public Security, the Ministry of Planning and Investment, the Ministry of Culture, Sports and Tourism, the State Bank of Vietnam and local People’s Committees where casinos will be permitted to conduct a review to decide whether to terminate or continue the trial.
Currently, there are nine casinos in Vietnam, six small-scale and three large. In 2023, they contributed VND2,541bn to the state budget and created approximately 8,500 jobs. According to Vietnamnet, the Phu Quoc casino generated cumulative revenue of VND6.4bn from 2019 to 2023, contributing VND3.6bn to the state budget. However, the venue recorded an accumulated loss of VND3.7bn due to high initial depreciation and interest costs.
