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Vietnam Gaming Market Study Vietnam Gaming Market Study May 2016 May 24, 2016 Table of Contents Introduction ................................................................................................................................ 5 Methodology ............................................................................................................................ 5 About Union Gaming ............................................................................................................... 5 Use of Study & Name .............................................................................................................. 5 Executive Summary ................................................................................................................... 7 Current Gaming Market in Vietnam ............................................................................................ 8 Lottery ..................................................................................................................................... 8 Casinos ................................................................................................................................... 9 Slot Parlors .............................................................................................................................. 9 Pari-Mutuel Racing .................................................................................................................. 9 Competing Options ................................................................................................................ 10 Other Major Asian Gaming Markets ....................................................................................... 10 Junket Operators ................................................................................................................... 12 Vietnam Overview .....................................................................................................................13 Wages and Per Capita Income ..........................................................................................14 Geography of Vietnam .......................................................................................................14 Ho Chi Minh City Overview .......................................................................................................17 Da Nang Overview ....................................................................................................................19 Vietnam Tourism .......................................................................................................................21 Relative Share of SE Asian Tourism from Key Markets......................................................21 Foreign Visitor Expenditures ..............................................................................................22 Airlift into HCMC and Da Nang ..................................................................................................23 Expat Residents ........................................................................................................................25 Foreign Direct Investment (FDI) Impact .............................................................................26 Asia Pacific Horse Racing Markets ...........................................................................................27 Japan .................................................................................................................................... 27 JRA ....................................................................................................................................27 NAR ...................................................................................................................................28 Australia ................................................................................................................................ 31 Korea ..................................................................................................................................... 32 2 (702) 866-0743 Union Gaming Analytics May 24, 2016 Singapore .............................................................................................................................. 33 Hong Kong ............................................................................................................................ 33 Pari-Mutuel Opportunity ............................................................................................................34 Further Distribution Opportunities .......................................................................................... 34 Metric Comparison to Other Asian Racing Markets ............................................................... 35 Pari-Mutuel Model .....................................................................................................................38 Year One ............................................................................................................................... 38 Tracks ................................................................................................................................38 OTB ...................................................................................................................................38 Year One Summary ...........................................................................................................39 Year Two ............................................................................................................................... 40 Tracks ................................................................................................................................40 OTB ...................................................................................................................................40 Phone ................................................................................................................................40 Online ................................................................................................................................41 Year Two Summary ...........................................................................................................42 Year Three ............................................................................................................................ 43 Tracks ................................................................................................................................43 OTB ...................................................................................................................................43 Phone ................................................................................................................................43 Online ................................................................................................................................44 Year Three Summary .........................................................................................................45 Year Four .............................................................................................................................. 46 Tracks ................................................................................................................................46 OTB ...................................................................................................................................46 Phone ................................................................................................................................46 Online ................................................................................................................................47 Year Four Summary ...........................................................................................................48 Total Market Comparison ...................................................................................................48 Da Nang/HCMC Slot Overview .................................................................................................49 Slot Parlor Projects ................................................................................................................ 49 Competition ........................................................................................................................... 49 Union Gaming Analytics (702) 866-0743 3 May 24, 2016 Market Sizing ......................................................................................................................... 50 Risks and Challenges ...............................................................................................................52 Government Control .............................................................................................................. 52 Need for Local Partners ......................................................................................................... 52 Potential Changes to Gaming in Vietnam .............................................................................. 52 4 (702) 866-0743 Union Gaming Analytics May 24, 2016 Introduction Union Gaming Analytics (“Union”) has been engaged by Success Dragon International (“SDI”) to perform an independent Vietnam gaming market study focused on pari-mutuel and slot parlor opportunities. This study is intended to provide an analysis of the feasibility of the planned buildout of horse and dog racetracks and off-track betting (“OTB”) facilities in the
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