Content Writer: Janice Chew • Monday, 25/09/2025 - 20:28:35 - PM
The Corona Resort & Casino in Phu Quoc has reported a deepening financial loss in the first half of 2025, according to its promoter, Phu Quoc Tourism Development & Investment JSC. The company posted a loss of VND 564 billion (about US$21 million), up sharply from a VND 332-billion loss during the same period in 2024. Cumulatively, the firm's losses are now at VND 5.5 trillion (~US$208 million) as of June 30, underlining the magnitude of challenges the operator is facing.
One key metric reflecting worsening financial stress is the debt-to-equity ratio of the company, which has ballooned from around 14.09 times at mid-2024 to 20.38 times by mid-2025. While some liabilities have slightly reduced, bank loans have increased—from VND 217 billion to VND 324 billion—while bond debt remains significant at roughly VND 7.5-7.53 trillion.
Regulatory developments have also had an important impact. The Corona Resort was until end-2024 part of a pilot program allowing Vietnamese citizens who met certain economic thresholds to gamble legally at selected casinos. However, that trial officially ended on December 31, 2024, with access for locals suspended, contributing to reduced local patronage. The government is now reportedly reviewing whether and how to restore local access under revised regulation.
On the flip side, there are signs that Vietnam’s casino/tourism scene is trying to adapt and expand elsewhere. In Quang Ninh Province, a US$2 billion integrated casino-tourism resort in Van Don has been approved, one that would allow both foreign and Vietnamese customers (under strict rules) and includes extensive amenities like luxury hotels, wellness, retail, convention spaces etc. This signals that despite Corona’s difficulties, there is government and investor appetite for further casino-based resort projects, especially in special economic zones and under well-controlled frameworks.
Looking ahead, the Corona Resort & Casino faces a tough road. Beyond regulatory uncertainty (especially about allowing locals again), it must wrestle with high debt burdens, interest obligations, and declining or constrained revenue streams. For the broader Vietnamese casino industry, balancing the social risks of gambling with the economic benefits (tourism, tax revenue, job creation) will be key.
