Vietnam Casino Resorts Stay Loss-Making Despite Local Play

Vietnam’s casino resorts are still very far from their targets at the moment, even though local players have been allowed to enter the selected properties under the first phase of the government’s pilot scheme. Corona Resort & Casino Phu Quoc clearly illustrates the magnitude of the problem. The company posted continued losses, which by the end of 2025 had accumulated to over VND5. 8 trillion, which is equivalent to about $220 million.

The problem is not demand. Vietnamese players accounted for about 52% of gamblers during the 2019–2024 pilot period, but generated roughly 88% of casino revenue. That is the number operators, and investors will focus on. Local players are already carrying the revenue base, yet the resorts still face heavy depreciation, large financing costs and long payback cycles.

Corona’s losses increased by more than VND900 billion as compared to the previous year. In spite of the local casinos shutting down for a long period of time, the Phu Quoc resort managed to make more than VND4. 1 trillion worth of payments to the state budget during the period from 2019 to 2024, as per Ministry of Finance statistics, which have been locally published.

Ho Tram adds another test. The resort has also remained loss-making, and its investor has sought more time to complete the project, with a proposed extension to December 2027. Its inclusion in the local casino scheme matters because it is closer to Ho Chi Minh City than Phu Quoc, giving policymakers a clearer view of how repeat domestic play works near a major urban centre.

In Vietnam, the focus is shifting to finding a workable casino policy, not proving local demand. A third project in Van Don is approved but hasn’t opened yet. If current resorts keep losing money, new ones will need better financial planning. Regional operators are also affected. Vietnam’s tourism and local spending are appealing, but recent data shows that resorts need a balance of gaming income, hotel guests, and other spending to cover high costs.

💡 TGJ Take

Vietnam’s local-play pilot is proving demand, but not yet profitability. That matters for any operator looking at future casino projects in the country. The revenue mix is already heavily domestic, so the next question is cost discipline, not market appetite. Investors should treat Ho Tram as the key test case. If a near-urban resort cannot turn local access into better margins, Vietnam’s next casino approvals may need smaller budgets and slower return expectations.