Inside the Royal Ha Long Casino - Photo: RIC
Owner of Phu Quoc casino and resort chain loses over 3 billion VND per day.
Newly released financial reports show that Phu Quoc Tourism Investment and Development Joint Stock Company incurred a loss of 564 billion VND in the first half of this year, compared to a loss of over 332 billion VND in the same period last year.
This company is the operator of Corona Resort & Casino Phu Quoc.
After a long period of negative profits, the accumulated losses of this large casino and resort complex operator in Phu Quoc reached VND 5,503 billion by June 2025.
Consequently, equity capital also decreased by nearly 960 billion VND after one year, falling to 1,996 billion VND by the middle of this year.
In terms of financial capacity, the company recorded a slight downward trend in total liabilities. As of the end of June 2025, the company's outstanding liabilities amounted to VND 40,689 billion, a decrease of more than 2% compared to the beginning of the year.
The debt structure shows that bank loans increased from VND 217 billion to VND 324 billion, while bond debt remained at VND 7,520 billion. The decrease mainly stemmed from short-term accounts payable to suppliers and tax obligations.
However, the financial report shows that the debt-to-equity ratio (D/E) as of June 30, 2025, reached 20.38 times, significantly higher than the 14.09 times in the same period last year, reflecting the continued high level of financial leverage pressure.
On its website, Corona Resort & Casino Phu Quoc boasts a scale of over 1,176.51 hectares, including a 5-star hotel and resort villas, an eco-tourism and commercial area, an international standard golf course, and a modern casino.
How is the Ha Long Casino doing financially?
Another name in the casino industry, Royal International Corporation (RIC) - the owner of Royal Ha Long casino - has also released its semi-annual financial report for this year.
Accordingly, in the first half of 2025, this company recorded revenue of nearly 76.3 billion VND, an increase of 21% compared to the same period.
During the period, the cost of goods sold was optimized, resulting in a significant increase in RIC's gross profit. Furthermore, business management expenses were reduced.
Therefore, after incurring a loss of nearly 14.8 billion VND in the first six months of 2024, RIC reversed course and made a profit in the same period this year. However, the profit was only a modest 559 million VND.
After years of operating at a loss, RIC's cumulative after-tax profit reached over 603 billion VND by the end of June this year.
According to the plan, in 2025 the company aims to achieve over $7.2 million in revenue (approximately VND 187 billion) and after-tax profit of over $1.3 million (equivalent to VND 34 billion).
To achieve this goal, the management stated that they will focus on tightly controlling fixed costs and financial expenses, especially interest payments.
At the same time, the company plans to improve its operating cash flow by optimizing asset utilization and boosting high-margin services.
RIC's leadership emphasized that in the first six months of the year, the company implemented numerous solutions to improve business results, actively sought out new customers, and promoted the acquisition of new clients.
Source: https://tuoitre.vn/cac-ong-chu-chuoi-casino-ha-long-phu-quoc-lo-luy-ke-tram-ti-ngan-ti-20250909085623869.htm
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