Vietnam Casino Resorts Remain Unprofitable Despite Local Gamblers

Vietnam's integrated casino resorts are still recording heavy losses despite growing domestic participation under the government's pilot program, which allows eligible citizens to gamble. Financial disclosures and official data confirm that large-scale projects at Phu Quoc and Ho Tram remain unprofitable. High capital expenditure and depreciation costs continue to weigh on results. The pilot scheme has broadened the customer base and boosted revenue. Yet stronger domestic spending has not been enough to turn these billion-dollar developments into profitable ventures.

Local Gamblers Drive Revenue but Not Profits

Government data shows Vietnamese players have become the dominant revenue source under the pilot scheme. Between 2019 and 2024, local gamblers accounted for roughly 52% of total visitors. Yet they generated around 88% of total casino revenue, according to the Ministry of Finance. This gap reflects considerably higher spending per domestic player than per international visitor.

Vietnamese players represent just over half of all casino visitors in Vietnam, yet they account for nearly nine in ten dollars of revenue generated, a spending gap that underlines how disproportionately valuable domestic players have become to the sector.

Despite this, profitability remains out of reach. Financial filings from Phu Quoc Tourism Development and Investment JSC show Corona Resort & Casino Phu Quoc recorded accumulated losses exceeding VND5.8 trillion ($220 million) by the end of 2025. That figure widened by more than VND900 billion ($34.14 million) year-on-year.

Vietnam Casino Resorts Record Heavy Losses and Delays

The Grand Ho Tram casino complex has reported persistent losses over several years. Those losses predate its inclusion in the local player pilot program, which began only in November 2025. The continued financial pressure has prompted its investor to seek an extension of the completion deadline to December 2027. A third major integrated resort in Van Don has also yet to be completed and licensed, further slowing the expansion of Vietnam's casino footprint. The pilot program itself has been extended beyond its original timeline and remains central to the sector's revenue mix.

Phu Quoc Draws Visitors and Tax Revenue Despite Losses

Despite weak financial results, casino resorts continue to play a significant role in Vietnam's tourism industry. The integrated resort model combines gaming with hotels, retail, entertainment, and convention facilities.

Phu Quoc welcomed more than 1.8 million visitors in the first quarter alone, representing year-on-year growth of over 25%. Many opted for all-in-one resort experiences. The sector also delivers significant fiscal contributions. The Phu Quoc complex paid more than VND4.1 trillion ($155.54 million) in taxes and related contributions between 2019 and 2024, according to the Ministry of Finance.