Vietnam’s The Grand Ho Tram receives official approval to welcome local players under 5-year pilot programme
Summary
Vietnam integrated resort The Grand Ho Tram has received formal approval from the central government to admit local players to its casino under a five-year pilot programme effective 26 November 2025. The approval was issued via an official letter signed by Deputy Prime Minister and Finance Minister Ho Duc Phoc. The resolution also includes a yet-to-be-developed integrated resort in Van Don. Corona Resort & Casino in Phu Quoc has been granted permanent locals status following an earlier pilot.
The Grand Ho Tram opened in 2013 with an initial US$500 million investment and is planned to become a US$4.2 billion integrated resort when complete. Parts of the complex – the casino (foreigner-only until now), golf course and some hotel rooms – have been operational. The resort recently broke ground on a US$1 billion expansion. CEO Walt Power said the company is preparing to open to locals and will take its obligations under the resolution seriously.
Key Points
- Central government approval permits The Grand Ho Tram to admit Vietnamese nationals under a five-year pilot programme starting 26 November 2025.
- The approval letter was signed by Deputy Prime Minister and Finance Minister Ho Duc Phoc.
- The resolution also covers a planned integrated resort in Van Don; Corona Resort & Casino in Phu Quoc now has permanent locals status.
- The Grand Ho Tram opened in 2013 and is planned as a US$4.2bn integrated resort; a US$1bn expansion is underway.
- Ownership moved from Harbinger Capital to Warburg Pincus in 2019; Walt Power (ex-Venetian Macau) leads the current management team.
Context and relevance
This is a significant regulatory step for Vietnam’s gaming sector. Allowing locals into large integrated resorts can materially boost onshore gaming revenues, support wider resort development and set a precedent for future licensing or pilot schemes. The move fits a regional pattern of cautiously expanding domestic access while seeking to manage social and regulatory risks.
Why should I read this?
Short version: this really changes the game. If you track Asian gaming, investments or resort operations, this announcement could shift demand, strategy and valuations. We’ve read the detail so you don’t have to — but if you care about who’s going to be heading to Ho Tram (and what that means for operators), this matters.
Author view
Punchy: Big win for Ho Tram. Turning a foreigner-only venue into one that can serve locals (even on a pilot basis) immediately opens a larger market and signals Vietnam is ready to test new revenue models. The real story will be in the implementation rules — they’ll decide how big the upside is.
