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Vietnam’s large integrated casino resorts continue to report losses despite stronger domestic gambling demand, rising tourism numbers and sizable tax contributions to the state budget. Recent disclosures and official figures show that billion-dollar developments in the country are still facing pressure from heavy investment costs and depreciation expenses.
The latest numbers from Phu Quoc Tourism Development and Investment JSC show that Corona Resort & Casino Phu Quoc had accumulated losses of more than VND5.8 trillion (US$220 million) by the end of 2025. That represented an increase of more than VND900 billion compared with the previous year.
The figures come as Vietnam’s pilot scheme allowing eligible local citizens to gamble has expanded the domestic customer base at selected venues. Even with stronger revenue from Vietnamese players, operators have not yet reached sustainable profitability.
Domestic Players Drive Most Revenue
Vietnam introduced a pilot framework allowing local citizens who meet certain conditions to enter casinos. The scheme first applied to Corona Resort & Casino Phu Quoc before later expanding to Ho Tram Casino.
Government data cited by the Ministry of Finance shows Vietnamese players represented around 52 percent of total gamblers between 2019 and 2024. However, those same players generated roughly 88 percent of casino revenue during that period.
The gap suggests local players have become the main source of gaming income under the program. Their higher contribution has strengthened revenue streams for participating resorts, though it has not been enough to offset the financial burden carried by major integrated developments.
The government has maintained a cautious approach by limiting local access to selected properties and extending the pilot beyond its original timeline. The framework remains central to how Vietnam balances consumer demand with regulated gambling controls.
Despite stronger customer activity, large-scale casino projects continue to absorb substantial upfront costs. Industry observers point to construction spending, financing requirements and depreciation charges as major reasons why profit remains difficult to achieve.
Corona Resort & Casino Phu Quoc is one of the clearest examples. It has operated as a flagship property under the pilot scheme, yet its accumulated losses continued to widen through 2025.
According to Tuoi Tre News, the Ho Tram casino complex has also posted losses in recent years. Its investor has requested an extension of the project completion deadline until December 2027, signaling that financial stabilization may take longer than previously expected.
The request underlines a common challenge in emerging gaming markets: integrated resorts require long development cycles and large capital commitments before they can produce consistent returns.
A third major casino project in Van Don has not yet been completed or licensed. Its delayed markzzet entry has slowed further expansion of Vietnam’s integrated resort sector.
Tourism and Tax Revenue Remain Strong
Although profitability remains weak, casino resorts continue to play a wider role in Vietnam’s tourism and fiscal strategy. The integrated resort model combines gaming with hotels, retail, entertainment and convention facilities, helping attract domestic and international visitors.
Phu Quoc remains one of the country’s leading tourism destinations. The island welcomed more than 1.8 million visitors in the first quarter of the year, an increase of over 25 percent year-on-year. Many travelers chose full-service resort experiences that combine accommodation and entertainment offerings.
The sector has also generated notable tax revenue. According to the Ministry of Finance, the Phu Quoc complex alone paid more than VND4.1 trillion (US$155.54 million) in taxes and related contributions between 2019 and 2024.
That performance highlights why policymakers continue to view casino developments as part of a broader economic plan, even while operators remain in the red.
Vietnam’s casino sector now presents a mixed picture. Revenue has improved, domestic participation has increased and tourism-linked benefits remain visible. At the same time, high operating costs, project delays and long payback periods continue to limit returns.