The companies behind two of Vietnam’s casino properties remained under financial pressure during the first half of 2026, with accumulated losses reaching substantial levels at both Phu Quoc and Ha Long.
Phu Quoc Tourism Development and Investment JSC, which operates Corona Resort & Casino Phu Quoc, reported an after-tax loss of more than VND211 billion for the six months. The result represented a significant improvement from the VND564 billion loss recorded during the corresponding period of 2025.
According to VietTimes, the first-half figure equated to an average daily loss of more than VND1.1 billion for the company. Phu Quoc Tourism had already recorded an after-tax loss exceeding VND917 billion for full-year 2025 after losing VND725 billion in the previous year.
Those consecutive negative results pushed accumulated losses to approximately VND6.19 trillion by June 30, 2026. The financial figures cover Phu Quoc Tourism’s wider operations, which also include resort, tourism and entertainment activities alongside its casino business.
Phu Quoc Tourism Raises Registered Capital
Phu Quoc Tourism’s financial position changed significantly during the first half as shareholders provided additional capital. Registered capital increased from VND7.5 trillion to VND10 trillion, while shareholders’ equity reached approximately VND3.81 trillion at the end of June.
Total liabilities also climbed sharply, rising from VND40.69 trillion to approximately VND51.67 trillion. Other liabilities accounted for most of that amount and stood at more than VND43.9 trillion. The category included customer advances as well as other short- and long-term amounts payable.
The company also reported VND283 billion in bank borrowings at the end of June. Outstanding bonds totaled approximately VND7.48 trillion.
Liquidity indicators weakened during the period. The current ratio declined from 1.3 to 1.1, while the quick ratio moved from 1.26 to 1. The interest coverage ratio stood at 0.62.
Phu Quoc Tourism began operations in 2014 and previously operated as a subsidiary of Vingroup. Vingroup fully divested its interest in the company in 2022.
The company currently runs Corona Resort & Casino Phu Quoc and is also developing the Hon Doi Moi project alongside the Bai Vong convention center, hotel and resort villa development.
Local Casino Access Continues at Corona
Corona opened in January 2019 and became Vietnam’s first casino permitted to admit eligible Vietnamese residents under a government pilot program.
The government subsequently issued Resolution No. 8/2025/NQ-CP in November 2025, allowing eligible Vietnamese citizens to continue gambling at the Phu Quoc casino from November 26 without setting a fixed end date for the arrangement.
The same resolution approved five-year trials for local access at Ho Tram and Van Don. The Van Don trial is due to begin once the property receives its casino operating license.
Expanded access has yet to establish stronger domestic demand, according to industry commentary cited in the supplied reporting. Lion Club head of external marketing Scott Choi said in March that strong local demand had yet to appear following wider access at Corona and Ho Tram. He pointed to accommodation costs and limited room availability as constraints during Corona’s earlier trials, while connectivity also affected the property.
Royal Ha Long Records First-Half Loss
Royal International Corporation, the operator of Royal Ha Long Casino, also ended the first six months of 2026 in the red.
The company recorded revenue of VND76.853 billion during the period, representing a slight year-on-year increase. Cost of sales rose faster than revenue, however, and gross profit declined 2% to VND23.323 billion.
Operating expenses then contributed to an after-tax loss of more than VND1.7 billion for the half year.
Royal International has recorded losses across several years, although it returned to profit in 2025. Its accumulated deficit still approached VND600 billion by the end of the second quarter of 2026.
The company reported total assets of VND932 billion as of June 30, a slight increase from the beginning of the year. Total borrowings exceeded VND170 billion and had risen compared with January 1.
Royal International has set a 2026 revenue target of more than $7.5 million, equivalent to approximately VND195 billion, while its planned after-tax profit exceeds $509,000, or around VND13 billion.
Management expects movements in fuel prices to affect aviation and transportation costs during the year. Higher travel expenses could weigh on international tourism demand, particularly among visitors travelling longer distances.
To pursue its annual targets, Royal International plans to seek additional visitor markets while continuing its existing commercial relationships. The company also intends to work with airlines and travel businesses inside and outside Vietnam to attract domestic and international guests to its services.