Vietnam’s Casino Resorts See Revenue Gains but Losses Persist
Vietnam’s integrated casino resorts continue to post losses despite higher domestic participation under the country’s pilot program allowing local citizens to gamble. The latest financial disclosures show that the sector’s large-scale projects are still struggling to turn revenue growth into profit.
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Rising Domestic Play
Statistics from the government show that local gamblers have become the primary factor in the generation of casino revenues in this pilot project. For the years 2019 through 2024, while local gamblers made up roughly 52% of the total number of gamblers, they contributed an estimated 88% to the casino’s total revenues.
This discrepancy suggests that locals spend considerably more than foreigners in gambling establishments. Even so, the stronger spending has not been enough to lift the major casino projects into profit. The data suggests that while the pilot scheme has broadened the customer base, the sector still faces significant operating and investment-related pressure.
Corona Losses Grow
As per the financial reports published by Phu Quoc Tourism Development and Investment JSC, the net loss made by Corona Resort & Casino Phu Quoc was in excess of VND5.8 trillion ($220 million) till December 2025, which was a rise from the prior period by more than VND900 billion ($34.14 million).
This is due to the strain that comes with huge capital expenses and depreciation for integrated resorts. Corona has been one of the key properties under the pilot scheme, but the latest numbers show that stronger domestic participation has not yet translated into a profitable operating result.
The resort’s financial position highlights a wider issue facing Vietnam’s casino sector. Large-scale integrated projects require heavy upfront spending, and that burden remains visible even as gaming demand improves.
Ho Tram Extension
The Ho Tram casino complex has shown a similar pattern, with continued losses in recent years. The company is requesting an extension of the completion deadline until December 2027, an action which clearly indicates that the way to sustainable development for this business will be longer than expected.
The request reflects the challenges facing another major integrated resort project operating under Vietnam’s evolving gaming framework. Although the pilot scheme has supported domestic revenue, Ho Tram’s losses underline how long it can take for such projects to reach a stable financial position.
Tourism Role
Despite the poor bottom-line results, casino resorts are crucial to Vietnam’s tourist industry plans. The integrated resort concept offers both gaming facilities along with hotel, shopping, leisure, and conference options, and has managed to maintain its attractiveness to a high number of tourists.
Phu Quoc is among the best-known tourist resorts in the nation and has witnessed an inflow of over 1.8 million visitors within the first quarter alone, with year-on-year growth of over 25%. Visitors came to Phu Quoc because of its one-stop resort facilities.
The sector’s contribution extends beyond visitor numbers. Even with continuing operating losses, the Phu Quoc complex alone paid more than VND4.1 trillion ($155.54 million) in taxes and related contributions between 2019 and 2024, according to the Ministry of Finance.
Sector Balance
Vietnam’s pilot program allowing local citizens to enter casinos under specific conditions has been extended beyond its original timeline and remains central to the industry’s revenue mix. It applies to selected properties, including Phu Quoc and Ho Tram, as part of an effort to channel domestic demand into regulated environments.
A third major project in Van Don has yet to be completed and licensed, which has slowed the expansion of Vietnam’s integrated resort footprint. For now, the sector is delivering strong revenue and fiscal contributions, but the latest figures show that profitability remains out of reach for the country’s billion-dollar casino developments.
Source: Asia Gaming Brief
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