Vietnam Casino Resorts Struggle for Profit

Vietnam’s integrated casino resort sector continues to face profitability challenges, even as domestic participation increases under the country’s pilot programme allowing local citizens to gamble.

Government data shows that local players have become the main driver of revenue. Between 2019 and 2024, they accounted for around 52% of total visitors but generated approximately 88% of casino income, indicating significantly higher spending compared to international tourists. Despite this, stronger domestic demand has not been enough to offset the high costs associated with large-scale resort operations.

Financial results from major properties highlight the issue. Corona Resort & Casino Phu Quoc has reported cumulative losses exceeding VND5.8 trillion (around $220 million) as of December 2025, with losses continuing to widen. The figures reflect the impact of substantial capital investment and ongoing depreciation tied to integrated resort development.

A similar trend is visible at the Ho Tram complex, which has also recorded continued losses. The project has sought an extension of its development timeline to 2027, underlining the longer path required for such resorts to reach financial stability.

Despite the lack of profitability, casino resorts remain a key part of Vietnam’s tourism strategy. Integrated developments combining gaming, hospitality and entertainment continue to attract visitors, particularly in destinations such as Phu Quoc, which has seen strong growth in arrivals.

The sector also contributes significantly to public finances. Between 2019 and 2024, the Phu Quoc resort alone generated more than VND4.1 trillion in taxes and related payments, according to official figures.

Vietnam’s pilot scheme for domestic casino access has been extended and remains central to the industry’s performance. However, with major projects still operating at a loss and further developments yet to be completed, the sector continues to balance strong revenue generation with ongoing financial pressure.