Vietnam’s Corona Resort & Casino falls to US$21 million loss in 1H25, wider than previously
Summary
Corona Resort & Casino in Phu Quoc reported a VND564 billion (US$21.4 million) loss for the six months to 30 June 2025, wider than the VND332 billion (US$12.6 million) loss recorded in 1H24. Cumulative losses since opening in 2019 now total VND5.5 trillion (US$208 million). Equity declined from VND1.99 trillion to VND960 billion, pushing the debt-to-equity ratio above 20x compared with roughly 14x after 1H24.
The property was the sole participant in Vietnam’s locals-gambling trial that began in 2019; local players contributed only about 5% of revenues during the initial three-year pilot. The government is preparing measures to allow permanent locals gaming at Corona, which may include a US$100 entry fee instead of the previous proof-of-income requirement.
Key Points
- 1H25 loss: VND564 billion (US$21.4m), up from VND332 billion (US$12.6m) in 1H24.
- Cumulative losses since 2019 amount to VND5.5 trillion (US$208m).
- Equity fell from VND1.99 trillion to VND960 billion; debt-to-equity ratio worsened to >20x.
- Corona was the only casino in Vietnam’s locals-gambling trial; local players generated roughly 5% of revenue in the initial term.
- Vietnamese authorities are moving to permit permanent locals gaming at Corona, possibly with a US$100 entry fee replacing prior financial-capacity checks.
Why should I read this?
Quick and to the point: Corona’s losses are growing, equity is down and debt is ballooning. If you follow Vietnam’s casino market, local-gaming policy or resort financing, this gives you the essentials without faff — saved you the deep-dive.
