Vietnam’s Corona Resort & Casino falls to US$21 million loss in 1H25, wider than previously

Vietnam’s Corona Resort & Casino falls to US$21 million loss in 1H25, wider than previously

Summary

Corona Resort & Casino in Phu Quoc recorded a VND564 billion (US$21.4 million) loss for the six months to 30 June 2025, a deterioration from the VND332 billion (US$12.6 million) loss in 1H24. That result pushes cumulative losses since opening in 2019 to VND5.5 trillion (US$208 million).

Equity dropped from VND1.99 trillion (US$75.4 million) a year earlier to VND960 billion (US$36.4 million), sending the debt-to-equity ratio above 20x, up from roughly 14x after 1H24. The casino ran the only government-sanctioned trial allowing locals to gamble from 2019, but local players contributed only a small share of revenues during the pilot and the pandemic disrupted early momentum.

The Vietnamese government is preparing to allow Corona to offer locals gaming on a permanent basis, with proposals that could replace the previous financial-capacity requirement with a US$100 entry fee for local players.

Key Points

1. 1H25 loss: VND564bn (US$21.4m), wider than 1H24 loss of VND332bn (US$12.6m).
2. Cumulative losses since 2019 amount to VND5.5 trillion (US$208m).
3. Equity fell to VND960bn (US$36.4m); debt-to-equity ratio deteriorated to more than 20x (from ~14x).
4. Corona was the sole casino in Vietnam trialling locals gaming from 2019, but locals made up a small portion of revenue (initially ~5%).
5. Government moving to permit permanent locals gaming at Corona, with a possible US$100 entry fee replacing income-proof requirements.
6. Financial strain highlights risks for operators and investors in Vietnam’s nascent locals-gaming rollout and wider integrated-resort pipeline.

Context and Relevance

This story matters for market participants tracking the rollout of locals gaming in Vietnam and the viability of standalone resort-casino models on islands such as Phu Quoc. Corona’s worsening losses and weakened equity position underscore how reliant early profitability was on tourism recovery and how little incremental revenue local players have contributed so far.

Policy changes that permit permanent locals gaming (and introduce a standard entry fee) could boost footfall and revenue predictability for some properties, but they also change the economics and regulatory conditions that investors and developers must model when considering projects such as Van Don and other planned integrated resorts across Vietnam.

Why should I read this?

Short version: if you follow APAC gaming, property finance or are sniffing around Vietnam’s resort pipeline, this is worth a quick read. Corona’s widening losses, equity erosion and ballooning debt ratios are a clear flashing amber for lenders and investors — and the government’s move to formalise locals gaming (potentially with a US$100 entry fee) could reshuffle the revenue deck. We’ve done the digging so you don’t have to.

Source

Source: ASGAM – Vietnam’s Corona Resort & Casino falls to US$21 million loss in 1H25