Vietnam’s Casino Resort Investments Face Losses Despite Rising Domestic Demand

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Vietnam’s flagship casino resorts are still struggling to turn strong gaming demand into profit. 

Vietnam
Key Takeaways:
  • Casino resorts in Vietnam struggle with structural financial issues, accumulating significant losses.
  • Domestic players now account for most revenue, but margins remain tight.
  • Resorts bolster tourism and tax income despite ongoing profitability challenges.

Phu Quoc Tourism Development and Investment JSC said Corona Resort & Casino Phu Quoc had accumulated losses of more than VND5.8 trillion, or about $220 million, by the end of 2025, widening by more than VND900 billion from a year earlier. 

Domestic Demand Lifts Revenue, Not Margins

Vietnam’s pilot allowing eligible locals to gamble has reshaped the revenue mix. According to Asia Gaming Brief, government figures cited by the Ministry of Finance show Vietnamese players made up about 52% of gamblers from 2019 to 2024 but generated roughly 88% of casino revenue. 

Even so, the sector remains under pressure, and Ho Tram’s operator has asked to extend its project deadline to December 2027. The operator received approval to allow local players in a five-year program in late 2025.

In addition, Vietnam’s largest casino operators have urged Vietnam’s Finance Ministry to rethink a draft plan to double entry fees for local players. The ministry says the increases to local entry fees aim to ensure access only by those with sufficient means. 

Tourism and Tax Take Still Matter

The financial picture is weak, but the resorts remain important to Vietnam’s tourism strategy and public finances. Phu Quoc drew more than 1.8 million visitors in the first quarter, up more than 25% year on year, while the island’s casino complex contributed more than VND4.1 trillion in taxes and related payments between 2019 and 2024. 

A third major project in Van Don is still not completed or licensed, limiting sector expansion.