The promoter of Corona Resort & Casino in Phu Quoc, Vietnam, posted a loss of VND564 billion (US$21.4 million) in the first six months of 2025, compared with the VND332-billion loss recorded in the prior-year period.
With the latest set of results, Phu Quoc Tourism Development and Investment JSC’s cumulative losses had reached VND5.5 trillion by June 30, reported last week local media outlet Tuoi Tre News.
The report added that the company’s debt-to-equity ratio stood at 20.38 times at the end of the first half of 2025, compared with 14.09 times a year earlier.
In late June, Phu Quoc Tourism Development and Investment issued VND2.4 trillion in five-year bonds as part of a refinancing exercise, reported The Investor outlet in July.
As per the firm’s financial results for the first half of 2025, bank loans had increased to VND324 billion by June 30, from VND217 billion a year earlier, while bond debt remained unchanged at VND7.5 trillion.
Corona Resort (pictured in a file photo) was, until the end of last year, the only casino in the country where economically qualified locals were allowed to gamble. The property announced in late December that it would “temporarily suspend Vietnamese citizens from playing at the casino” from January 1 this year, “until further notice”.
The decision was taken to comply with amendments to existing regulation, while awaiting the national government’s decision “regarding the termination or continuation of this pilot programme,” stated the property’s promoter at the time.
Vietnam’s Ministry of Finance proposed last month to resume the principles of the trial programme, but no further details have been disclosed so far.
