Vietnam’s only casino open to locals, Corona Resort & Casino on Phu Quoc Island, has announced a pre-tax profit of US$4.7 million during its first six months of operation.
The US$2.1 billion resort, which opened its first phase in January, has been granted a three-year trial period in which Vietnamese are allowed to gamble provided they meet certain qualifying criteria, including a minimum monthly wage of VND10 million (US$433).
In a financial statement released this week, Corona’s parent, Phu Quoc Tourism Investment and Development JSC, reported a 10% decline in group-wide revenue for the first half of 2019 to VND1.15 trillion (US$49.7 million), however the casino comprised more than half of that number with revenue of VND605 billion (US$26.1 million).
Notably, it proved to be the only profitable operating segment for Phu Quoc Tourism Investment and Development JSC with hotel, restaurant, villa management and business cooperation all recording losses.
On the casino’s website, Corona says it operates 100 gaming tables and 1,000 slot machines, plus VIP facilities via a “private sky casino”. Other facilities in the resort’s first phase include a five-star international hotel with 2,000 rooms and 10 seaside villas, a convention center, theater, shopping center, water park, spa, and restaurant-bar chain.
The casino is managed by Dutch firm Uppfinity Gaming Management.
Vietnam’s government first announced plans for a three-year pilot program in 2016 under which locals would be allowed to gamble in three specific casinos of the government’s choice. The other two properties, which are yet to open, are said to include one being developed near Hanoi by Vietnamese firm Sun Group and another in the Van Don Special Administrative Economic Zone.
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