Casino operator in Vietnam’s Phu Quoc Special Zone incurs accumulated loss of $222mn

The loss significantly lowered the firm’s equity base.

Its total equity declined 38 percent over the year, falling from VND2.56 trillion ($97 million) to VND1.64 trillion ($62.3 million).

Meanwhile, total assets stood at over VND42.7 trillion ($1.6 billion).

Its total debt exceeded VND41.1 trillion ($1.56 billion), remaining largely unchanged compared to the previous year.

As its equity shrank, the company’s debt-to-equity ratio surged from 16 times to more than 25 times.

After releasing the 2025 financial statement, the company initiated a series of restructuring measures.

In late January, it raised its charter capital from VND7.5 trillion ($284 million) to VND10 trillion ($380 million).

At the end of March, the firm also announced the merger of Newvision Land Company acquiring its full capital, projects, assets, and associated rights and obligations.

The Corona Casino Phu Quoc carried a price tag of over VND50 trillion ($1.9 billion) and covers an area of nearly 1,160 hectares.

The casino features 1,470 gaming machines and 147 gaming tables built to international standards.

It is one of the first casinos in Vietnam permitted to pilot entry for domestic players.