Vietnam's large integrated casino resorts are caught in an awkward financial vicious circle—with inbound tourists steadily recovering, local gambling pilot policies continuously expanding, and tax contributions climbing year by year, yet book profits are still unable to turn around. The latest official data reveals that the Corona Casino Resort on Phu Quoc Island had accumulated losses exceeding 5.8 trillion Vietnamese dong (approximately 220 million US dollars) by the end of 2025, an increase of over 900 billion Vietnamese dong compared to the same period last year. These figures clearly point to an industry-wide dilemma: even though Vietnam's pilot policy allowing qualified local citizens to enter casinos has been implemented at Corona and Ho Tram properties, domestic demand continues to be released, but operators are still unable to cross the last mile from increased revenue to profitability. Government statistics cited by the Vietnamese Ministry of Finance show that from 2019 to 2024, Vietnamese players accounted for about 52% of the total number of gamblers, yet contributed about 88% of the casino revenue. Local gamblers have become the core pillar of gambling revenue under the pilot project, but their chips are still not enough to fill the huge initial investment gap of the integrated resorts.
Locals support nearly ninety percent of the income, yet cannot fill the huge depreciation black hole
The casino local pilot policy in Vietnam has adopted a rather cautious pace of advancement. On one hand, the government restricts local residents to only enter two designated licensed properties, and on the other hand, it continuously extends the pilot period, trying to maintain a fine balance between consumer demand and regulatory control. From the income structure, the high contribution rate of local players has become the lifeline supporting the revenue of Corona and Ho Tram, but the financial burden of large integrated resorts goes far beyond operating costs. Industry insiders point out that construction expenses, financing needs, and depreciation amortization constitute three major burdens on every profit statement. As the flagship project of the pilot, Corona continues to see expanding cumulative losses; Ho Tram Casino Complex has also been in a loss state in recent years, and its investors have applied to extend the project completion deadline to December 2027, suggesting a longer period for financial recovery than previously expected. The third large casino project located in Yundun has not yet completed construction or obtained a license, and its delayed market entry further slows down the overall expansion pace of Vietnam's integrated resort industry.
Tourism tax contributions are considerable, but government calculations and operator ledgers are misaligned
Although operators are still struggling below the break-even line, the role that casino resorts play in Vietnam's tourism and fiscal strategy cannot be underestimated. Phu Quoc Island, as one of Vietnam's most popular tourist destinations, welcomed over 1.8 million visitors in the first quarter of this year, an increase of more than 25% year-on-year, a significant proportion of whom chose the integrated resort experience combining accommodation and entertainment. According to data from the Vietnamese Ministry of Finance, the Phu Quoc integrated complex alone paid over 4.1 trillion Vietnamese dong (approximately 155.54 million US dollars) in taxes and related payments from 2019 to 2024. This tax performance explains why policymakers still view casino development as part of a broader economic plan—from the government's perspective, even if operators are temporarily losing money, the tourism pull and fiscal contributions from casino properties are sufficient to support the continuity of the policy.
PASA official website continues to track the financial performance and policy evolution of the Southeast Asian integrated resort market, noting that the current industry landscape in Vietnam is highly similar to the early stages of several Asian gaming jurisdictions. High operating costs, project delays, and long investment recovery periods together constitute a necessary threshold that emerging gaming markets must cross, and the Vietnamese government is clearly willing to bear short-term book losses for a long-term industrial layout.
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