Vietnam's only casino allowed to let in Vietnamese players incurs big loss
Corona Resort & Casino is Vietnam's most modern casino. Photo courtesy of the casino.
Vietnam’s casino that allows Vietnamese citizens to gamble on a trial basis for the first time in Phu Quoc island has incurred hundreds of US dollars of loss amid the Covid-19 pandemic.
Latest figures show Corona Resort & Casino, invested by Phu Quoc Tourism Development and Investment Joint Stock Company, incurred a loss of VND2.76 trillion ($121 million) from its debut in early 2019 to September 2021.
Located in the most prime location of Phu Quoc, called “Pearl Island”, the complex boasts nearly 2,000 5-star hotel rooms, world-class restaurants, 18-hole golf courses, VinWonders park and the country’s most modern casino.
Revenue of the Corona casino business in the first nine months of 2019 was more than $49.5 million, down 29% year-on-year and down 26% compared with the same period of 2019. Its total payment to the state budget, including fees collected from ticket sales for Vietnamese people, was $72.3 million. Of this, total proceeds from ticket sales to Vietnamese people was $5.7 million.
From its debut to September 2021, the total number of visitors to the casino is 240,560, of whom 156,533 were Vietnamese citizens or 65% while the remaining was foreigners.
In the first nine months of 2021, the number of arrivals was down 27% year-on-year and down 45% against the same period of 2019 due to the pandemic.
According to the Ministry of Finance, revenue and tax payment of the Corona casino business in Phu Quoc were the highest among casino businesses across the country thanks to the entry of Vietnamese people, followed by The Grand Ho Tram Resort & Casino in Baria-Vungtau province and the Crowne International Casino in Silver Shores International Resort in Da Nang City.
However, the casino has not yet attracted many high-end players. Among its Vietnamese players, most are small players and there are no players with monthly tickets.
In its report lodged with the Prime Minister for submission to the Polibureau, the Ministry of Finance said allowing Vietnamese citizens to play at the casino in Phu Quoc is a rational policy, meeting people’s entertainment needs. “The pilot implementation has not negatively impacted on social security, order and safety.”
“However, the pandemic has crippled the casino business, so the pilot scheme on allowing Vietnamese to play needs to be extended to assess it comprehensively and completely.”
The government had licensed eight casino projects before its Decree 03/2017 on casino business came into force in 2017. These include Do Son Resort & Casino in Haiphong; Lilai International Hotel, Royal Casino, Hong Van Casino Hotel in Quang Ninh Province; Aristo International Hotel in Lao Cai Province; Crowne International Casino in Silver Shores International Resort in Da Nang City; The Grand Ho Tram Resort & Casino in Baria-Vungtau; and the Nam Hoi An Casino Resort in Quang Nam Province.
The Polibureau has also green-lighted four other casino projects in Thua Thien-Hue province, Khanh Hoa province, Van Don island district in Quang Ninh province and Phu Quoc city in Kien Giang province.
The Covid-19 pandemic has rattled all the casino businesses in Vietnam. Photo courtesy of the Corona Resort & Casino.
According to the Ministry of Finance, in the period 2017-2019, casino business grew over the years, with an average annual revenue of about $74.5 million and an average tax payment to the state coffers of about $37.6 million.
Specifically, revenue from the country’s casino services in 2018 and 2019 increased by 134 percent and 165 percent respectively year-on-year. Correspondingly, the revenue and tax payment rose by 139 percent and 163 percent.
However, from 2020 to now, casino business has sharply decreased as some companies have had to temporarily suspend their services due to social distancing and travel restrictions amid the pandemic.
In 2020, casino revenue dropped sharply to $75.8 million, a decrease of 28% year-on-year, due to the pandemic. The tax paymemt plunged 48% to only $30.6 million.
In the first half of 2021, revenue from casino business of the eight licensed enterprises reached $59.6 million, up 58% year-on-year. Tax paymenmt to the state budget reached $30.5 million, up 90% as Nam Hoi An Casino Resort came into operation from the end of June 2020. However, these numbers are low compared to the time when there was no Covid-19.
Royal International Corp, which operates Royal Casino Halong and is the country’s only listed casino company, incurred losses for nine consecutive quarters.
In the fourth quarter of 2021, this company made a loss of nearly $1.2 million, bringing its accumulative loss as of December 2021 to $17.8 million. This means its accumulative loss is equivalent to 58 percent of its ownership, according to the Ministry of Finance.
- Read More
Malaysia remains 9th largest global exporter of high-tech products
Malaysia successfully maintained its position as the ninth-largest exporter of high-tech goods out of 143 countries worldwide in 2023, the highest recognition it has achieved in the past decade, national news agency Bernama reported.
Southeast Asia - Tue, April 29, 2025 | 10:27 pm GMT+7
Insights into Decision 768 amending Vietnam's power development plan VIII
Prime Minister Pham Minh Chinh on April 15 issued Decision 768 approving Vietnam's Amended National Power Development Plan VIII for 2021-2030, with vision to 2050. Anh Dang, a senior partner at Vilaf law firm, offers an insight into the principal amendments to PDP VIII.
Consulting - Tue, April 29, 2025 | 4:36 pm GMT+7
From loss to profit: steel maker SMC sees stock rally, avoids delisting risk
Vietnamese steel manufacturer SMC Trading Investment JSC (HoSE: SMC) has seen its stock price soar nearly 60% since early April after the company turned its 2024 loss into profit over bad debt provision reduction.
Companies - Tue, April 29, 2025 | 3:45 pm GMT+7
Dairy giant TH plans $234 mln factory in southern Vietnam
A subsidiary of Vietnam’s dairy giant TH true MILK plans to develop a VND6.07 trillion ($234 million) factory in the southern province of Binh Duong.
Companies - Tue, April 29, 2025 | 3:19 pm GMT+7
Int’l organizations lower Indonesia’s 2025 economic growth forecast
Several international organizations in April revised their economic growth forecasts for Indonesia, reflecting concerns over escalating global trade tensions and domestic fiscal challenges.
Southeast Asia - Tue, April 29, 2025 | 2:30 pm GMT+7
Indonesia eyes more partnership with Vietnam in Halal-certified production, cosmetics
Indonesia, a Muslim-majority country, is eager to share its expertise in Halal standards and looks forward to collaborating with Vietnam in sectors such as food processing, cosmetics, tourism, and Halal financial services, said Agustaviano Sofjan, consul general of Indonesia in Ho Chi Minh City.
Companies - Tue, April 29, 2025 | 1:34 pm GMT+7
MSG producer Vedan Vietnam’s 2024 revenue drops 4% to $166 mln
Food seasoning maker Vedan recorded a revenue of $166 million in Vietnam last year, down 4% year-on-year, according to the 2024 performance review of the Taiwan-headquartered firm.
Companies - Tue, April 29, 2025 | 11:45 am GMT+7
Vietnam, Japan firms sign deals to develop innovation cooperation ecosystem
Businesses from Vietnam and Japan signed numerous MoUs aimed at developing a cooperation ecosystem in innovation and high-tech industries on the sidelines of a forum in Hanoi on Monday.
Economy - Tue, April 29, 2025 | 11:31 am GMT+7
Vietnam’s VPBank targets 35% annual credit growth over next 5 years
Vietnam’s leading private lender VPBank expects to post annual credit growth of 35% over the next five years after taking over weaker lender GPBank, said VPBank chairman Ngo Chi Dung.
Banking - Tue, April 29, 2025 | 8:17 am GMT+7
Japan seeks to implement 15 energy projects worth over $20 bln in Vietnam
Japan wants to execute 15 projects worth over $20 billion in Vietnam's energy transition field, said Prime Minister Ishiba Shigeru.
Economy - Mon, April 28, 2025 | 11:07 pm GMT+7
Malaysia highlights roles of ASEAN, BRICS in regional cooperation
Malaysian Foreign Minister Mohamad Hasan is scheduled to deliver a speech at a dedicated session themed “The Role of the Global South in Reinforcing Multilateralism,” held as part of the BRICS Ministers of Foreign Affairs Meeting in Rio de Janeiro, Brazil, from April 28-29.
Southeast Asia - Mon, April 28, 2025 | 10:10 pm GMT+7
Singapore negotiates for US concessions on pharmaceuticals, chips
Singapore is negotiating concessions for pharmaceutical exports to the U.S. while ensuring it still has access to high-end AI chips from the American market, said Singaporean Trade and Deputy Prime Minister Gan Kim Yong.
Southeast Asia - Mon, April 28, 2025 | 10:03 pm GMT+7
Vietnam’s leading IP builder Idico applies for major bourse listing, targets $100 mln pre-tax profit
Idico Corporation, a major industrial park developer in Vietnam, has applied for listing its shares on the Ho Chi Minh Stock Exchange (HoSE) and kept its 2025 business plan unchanged with a pre-tax profit target of VND2.6 trillion ($100 million).
Companies - Mon, April 28, 2025 | 9:53 pm GMT+7
Property giant Sun Group commences work on $1.35 bln spiritual tourism complex in central Vietnam
Sun Group, Vietnam's leading real estate developer, on Saturday broke ground on its Am Tien spiritual and historical tourism complex project in the central province of Thanh Hoa.
Real Estate - Mon, April 28, 2025 | 9:30 pm GMT+7
Vietnam's SHB bank records 'fastest growth in customer satisfaction' for 2 straight years
In the Bank Satisfaction Rankings 2025, Saigon-Hanoi Bank (SHB) not only makes it to the top 10 but also stands out as the bank with fastest growth in customer satisfaction for two consecutive years.
Companies - Mon, April 28, 2025 | 4:19 pm GMT+7
India's KCP Limited to inject extra $60 mln into sugar, biomass power plants in south-central Vietnam
Indian-invested KCP Vietnam Industries Limited has proposed raising the capacity of its Son Hoa sugar plant to 15,000 tons of sugarcane per day and deploying the 45 MW second phase of its 75 MW KCP Phu Yen biomass power plant, both in Phu Yen province.
Industries - Mon, April 28, 2025 | 3:35 pm GMT+7
