Vietnam’s only casino allowed to welcome local gamblers incurs $150mn losses
Vietnam’s only casino allowed to welcome local gamblers incurs $150mn losses
A casino on Phu Quoc Island, off the coast of Kien Giang Province in southern Vietnam, the sole gambling establishment in the country that allows Vietnamese gamblers, suffered heavy losses of over VND3.7 trillion (US$150 million) from 2019 to 2023.
Vietnamese Minister of Finance Ho Duc Phoc. Photo: Gia Han / Tuoi Tre |
Vietnamese Minister of Finance Ho Duc Phoc recently revealed the business performance of Corona Casino, part of the Corona Resort & Casino complex in Phu Quoc City, in a report to National Assembly deputies.
The report attributes the VND3.7 trillion loss to substantial depreciation costs and bank loan interest payments incurred during the initial phase of the project.
The document outlines that the casino’s accumulated revenue from 2019 to 2023 amounted to VND6.4 trillion ($259.5 million), contributing nearly VND3.7 trillion to the state budget.
In 2023, the casino showed significant improvement from 2022, earning approximately VND2.2 trillion ($89.2 million) in revenue, marking a 45.7-percent increase year on year.
The gambling establishment paid over VND1.2 trillion ($48.6 million) to the state coffers, reflecting a 68.9-percent rise from the previous year.
The revenue included ticket sales of over VND32 billion ($1.3 million) collected from Vietnamese gamblers.
From 2019 to 2023, ticket revenue reached VND242 billion ($9.8 million).
In terms of visitor demographics, from 2019 to 2023, the casino accommodated 295,943 Vietnamese guests, comprising 62 percent of the total gamblers, while foreigners numbered 179,507 individuals, constituting 38 percent.
The proportion of Vietnamese punters was notably higher in 2020 and 2021 due to the COVID-19 pandemic’s impact leading to the absence of foreign clients.
In 2023, the number of the Vietnamese gamblers made up 39 percent of the total visitor count, marking an 87-percent jump compared to pre-COVID-19 levels.
The age range of the Vietnamese patrons at the casino spans from 21 to 97 years old, with the majority falling within the 39-year-old bracket.
Corona Casino is one of only two casinos green-lighted to open to Vietnamese in a trial program in the Southeast Asian country.
The other, planned in Van Don District of northern Quang Ninh Province, has not been approved for investment.
The trial program, initially permitted for only three years and scheduled to conclude in 2021, has been proposed by the Ministry of Finance to the all-powerful Politburo for an extension through 2024.
