Key Moments:
- Corona Resort & Casino has posted a VND 564 billion (US$21.4 million) loss for the first half of 2025, marking a deeper deficit than the same period last year.
- Cumulative losses since opening have reached VND 5.5 trillion (US$208 million), with equity dropping to VND 960 billion (US$36.4 million) by June 2025.
- The government plans to allow permanent local gaming at Corona, accompanied by a proposed fixed entry fee for Vietnamese patrons.
Financial Performance and Liquidity Challenges
Corona Resort & Casino in Phu Quoc has reported a first-half loss of VND 564 billion (US$21.4 million) in 2025, according to data published by Tuoi Tre News referencing figures from its parent company, Phu Quoc Tourism Development and Investment JSC. This result represents a significant increase from the VND 332 billion (US$12.6 million) loss recorded during the same period in the previous year, highlighting enduring financial adversity for the property since its debut in 2019.
Since commencing operations, the casino’s accumulated deficits have reached VND 5.5 trillion (US$208 million), underlining the ongoing struggle to achieve profitability. The property has been under the microscope, particularly due to its participation in a three-year pilot scheme permitting Vietnamese citizens to gamble, an exception in Vietnam’s typically restrictive gambling environment.
Worsening Debt Profile and Erosion of Equity
Corona’s balance sheet has further weakened, with equity shrinking from VND 1.99 trillion (US$75.4 million) in mid-2024 to VND 960 billion (US$36.4 million) as of June 2025. This steep decline has pushed the casino’s debt-to-equity ratio above 20 times, up from around 14 times in the prior year. The considerable financial leverage casts significant doubt on the resort’s long-term outlook without dramatic strategic interventions.
| Financial Metric | Mid-2024 | June 2025 |
|---|---|---|
| Equity | VND 1.99 trillion (US$75.4 million) | VND 960 billion (US$36.4 million) |
| Debt-to-Equity Ratio | ~14 times | Over 20 times |
Pilot Program Impact and Market Limitations
Selected as the sole casino to trial local gambling in 2019, Corona’s attempt to court domestic players has produced limited results. The trial’s impact remains ambiguous, complicated by the timing of the COVID-19 pandemic and the relatively modest population in Phu Quoc. Reports indicate that only about 5% of total casino revenues during the three-year pilot were derived from local gamblers.
The pilot program sought to responsibly integrate local citizens into casino gaming, but recent figures suggest that the goal of building sustained local participation has not yet been realized.
Regulatory Adjustments and Outlook
In light of financial pressures and the underwhelming pilot performance, the government is moving to grant permanent authorization for local gaming at Corona. This shift in regulatory stance could provide the property with a more reliable domestic clientele and enhance revenue prospects.
In tandem with this policy update, authorities are considering replacing current financial eligibility requirements for Vietnamese patrons with a flat entry fee, estimated at US$100. This change is intended to ease access for locals while maintaining oversight to address problem gambling.
Navigating Evolving Market Dynamics
Corona Resort & Casino is confronting a changing market landscape shaped by regulatory reforms and evolving customer behavior. Achieving sustainable profitability will likely require the property to innovate, step up marketing, and explore partnerships to broaden its appeal.
Operators must continue to manage financial constraints and align with the country’s ambitions for responsible gaming and tourism development. The trajectory of Corona Resort & Casino within the Vietnamese leisure industry will depend on its ability to respond adaptively to market and regulatory challenges.
- Author
Daniel Williams
