Phu Quoc casino owner issues $91.67 mln bonds in capital restructuring
Phu Quoc Tourism Development and Investment JSC, owner of the Corona casino on Vietnam’s resort island of Phu Quoc, has completed the issuance of VND2.4 trillion ($91.67 million) in five-year bonds as part of its capital restructuring plan.
The newly issued bonds, set to mature on June 27, 2030, carry a 9.7% fixed interest rate for the initial period, transitioning to a floating rate thereafter.
Simultaneously, the company redeemed the entire VND2.4 trillion bond lot (DPQB1623001) ahead of its original maturity, in accordance with previously agreed terms.
Following the issuance and early repayment, the company’s outstanding bond liabilities now stand at approximately VND7.53 trillion ($287.6 million).
Corona casino on Phu Quoc island, off southern Vietnam. Photo courtesy of the firm.
Established in 2014 with registered capital of VND7.5 trillion, the firm is majority-owned by chairman Luong Phan Son (35%), followed by Green Real Estate Trading Development and Commercial Investment Limited Liability Company (25.5%), Duc Mai Import Export and Investment JSC (15%), and individual shareholders Vo Phuoc Thanh and Nguyen Thi Thu Ha (10% each). Nam An Investment and Trading JSC holds the remaining 4.5%.
In 2024, the company reported a net revenue of VND7.18 trillion ($274.2 million), down 38% year-on-year. Hotel and related services contributed VND3.24 trillion ($123.76 million), up 14%.
Revenue from property transfers plummeted 83% to VND732 billion ($28 million), and earnings from Phu Quoc Corona casino dropped 64% to VND1.13 trillion ($43.16 million).
The firm posted a net loss of VND725 billion ($27.69 million) last year, compared to a net profit of VND866 billion ($33 million) in 2023.
As of end-2024, its total assets stood at VND43.82 trillion ($1.67 billion), with liabilities of VND41.26 trillion ($1.58 million) and accumulated losses exceeding VND4.94 trillion ($188.69 million).
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