Vietnam’s Phu Quoc casino operator reports heavy losses

Phu Quoc Corona Resort & Casino deep in debt

Phu Quoc Tourism Development and Investment JSC, which runs the Corona Resort & Casino on Phu Quoc Island in southern An Giang Province, recorded a loss of VND564 billion (US$21 million) in the first half of 2025, compared to a VND332-billion ($13 million) loss in the same period last year.

As of June 2025, the company's cumulative losses had reached VND5.5 trillion ($208 million).

Its equity dropped nearly VND960 billion ($36 million) over the year, falling to VND1.99 trillion ($76 million).

While total liabilities decreased slightly to VND40.7 trillion ($1.5 billion), the company's debt-to-equity ratio deteriorated significantly, reaching 20.38 times compared with 14.09 times a year earlier.

Bank loans increased from VND217 billion ($8.2 million) to VND324 billion ($12 million), and bond debt remained unchanged at VND7.5 trillion ($285 million).

Phu Quoc Corona Resort & Casino spans more than 1,176 hectares and promotes itself as a luxury destination, offering five-star hotels, villas, an international golf course, and one of the largest casinos in Vietnam.

Royal Ha Long Casino edges into profit

In contrast, Royal International Corporation (RIC), which operates the Royal Ha Long Casino in Quang Ninh Province, northern Vietnam, reported nearly VND76.3 billion ($2.9 million) in revenue for the first half of 2025, marking a 21-percent year-on-year increase.

Improved cost control helped RIC swing from a VND14.8-billion ($560,000) loss in the first half of 2024 to a modest profit of more than VND559 million ($22,000) during the same period this year.

Following years of financial struggles, the company's accumulated after-tax profit topped VND603 billion ($23 million) by June.

For 2025, RIC has set targets of $7.2 million in revenue and $1.3 million in net profit.

Executives said the company plans to tighten management costs, optimize asset usage, and expand high-margin services to improve cash flow.