PHU QUOC, VIETNAM – In the first half of 2025, Vietnam’s Corona Resort & Casino reported a loss of approximately US$21.4 million (VND564 billion), a significant increase from the US$12.6 million deficit recorded during the same period in 2024. Equity at the casino fell sharply from VND1.99 trillion (US$75.4 million) in mid-2024 to VND960 billion (US$36.4 million) by June 2025, pushing its debt-to-equity ratio beyond 20 times, up from around 14 times a year earlier. This financial deterioration highlights mounting pressures amid a challenging operational environment.
A spokesperson for Phu Quoc Tourism Development and Investment JSC, the casino’s parent company, acknowledged the gravity of the situation: “The widening losses underscore the urgent need to reassess our strategic approach, balancing local gaming initiatives and international visitor engagement in a shifting market landscape.” Their statement reflects concerns over maintaining competitiveness while navigating evolving demand patterns in Vietnam’s casino sector.
Vietnam’s legal framework for casino operations, particularly Decree No. 03/2020/ND-CP on casino management and licensing, requires operators to sustain strong financial health to retain licenses and maintain sustainable operations. The persistent losses at Corona raise questions about compliance with capital adequacy and operational viability standards mandated by law, potentially triggering closer scrutiny by the Ministry of Finance and other regulatory authorities.
The financial setbacks at the resort mirror wider challenges facing Vietnam’s nascent casino industry, where limited local participation persists despite a three-year pilot program permitting locals to gamble. Furthermore, the COVID-19 pandemic sharply reduced tourism inflows, hampering revenue growth and recovery efforts. The erosion of equity and rising leverage could hinder future financing opportunities and slow investment in infrastructure projects aimed at diversifying Vietnam’s gaming economy.
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As financial pressures intensify, regulatory actions and strategic market reforms may be critical in stabilizing Corona Resort’s outlook or exacerbating its vulnerabilities. The resolution of this complex situation will have significant implications for the future development and sustainability of Vietnam’s casino sector.
