Vietnam’s Gambling Market: An Overview
Vietnam’s gambling landscape has been undergoing significant transformations in recent years, with the government cautiously liberalizing the market. The Corona Resort & Casino Phu Quoc became the first casino in Vietnam to admit local players under a pilot program initiated in January 2019. This move marked a substantial shift from Vietnam’s traditionally conservative stance towards gambling, aimed at capturing a portion of the significant revenue lost to casinos in neighboring countries. Despite these changes, the anticipated surge in local demand has not fully materialized, as evidenced by the financial performance of the casino’s owner, Phu Quoc Tourism Development and Investment JSC.
Corona Casino’s Financial Performance
Within the first half of 2026, Phu Quoc Tourism and Development JSC reported a narrowing after-tax loss of VND211.4 billion ($8.1 million), a 62.5% reduction from the previous year’s VND564.3 billion ($21.7 million) loss. Despite this improvement, the casino’s financial health remains precarious, with losses averaging VND1.17 billion ($45,000) per day. According to local reports, the company’s accumulated losses reached approximately VND6.19 trillion ($238.2 million) by the end of June. This figure encompasses its broader business operations, including tourism, resorts, and entertainment, highlighting the ongoing challenges faced by the company and the sector as a whole.
Factors Contributing to Financial Losses
Several factors contribute to the continued financial challenges at Corona Casino. High accommodation costs and limited room availability have been identified as significant barriers to attracting both local and international tourists. Additionally, connectivity issues impede convenient access, further limiting the site’s appeal. These factors hamper efforts to establish a robust local customer base, leading to continued reliance on foreign visitors, whose numbers fluctuate based on external travel conditions.
Government Initiatives and Market Response
The Vietnamese government has taken steps to bolster local gambling activities by issuing Resolution No. 8/2025/NQ-CP in November 2025, which allows more Vietnamese citizens to gamble at Corona Casino. The legislation also extended trial programs allowing local players at Ho Tram and Van Don. However, these initiatives have yet to yield the anticipated increase in domestic participation. As Scott Choi from Lion Club noted, strong local demand is still lacking. To effectively capitalize on these legislative changes, the industry must address underlying infrastructure and service deficiencies that continue to impede growth.
Comparative Performance in Vietnam’s Casino Industry
Corona Casino is not alone in its struggle for profitability. Royal International Corporation, the operator of Royal Ha Long Casino, recorded a first-half after-tax loss exceeding VND1.7 billion ($65,000). Its accumulated losses approached VND600 billion ($23.1 million) by mid-2026. This highlights the broader economic challenges within Vietnam’s developing casino industry, where local operators face stiff competition from well-established international destinations with superior infrastructure and appeal. The sector’s growth will rely heavily on strategic improvements and tailored marketing efforts to attract and retain local players.
Conclusion: Future Outlook for Vietnam’s Casino Industry
The future of Vietnam’s gambling sector hinges on its ability to overcome existing challenges and leverage recent regulatory changes to attract a more substantial local player base. For casinos like Corona, addressing issues such as high accommodation costs, connectivity, and infrastructure will be key to turning around financial performance. As the market adjusts to the evolving regulatory landscape, industry stakeholders must collaborate to enhance Vietnam’s appeal as a viable gambling destination. Through strategic investment and development, Vietnam’s casino industry may yet realize its significant potential. In comparison, other regions like Osaka are setting benchmarks in infrastructure and development.