The 'owners' of the casino chains in Ha Long and Phu Quoc have accumulated losses of hundreds of billions and thousands of billions.

The owner of the Phu Quoc casino and resort chain and the owner of the Royal Ha Long casino both suffered large accumulated losses.

Inside Royal Ha Long Casino - Photo: RIC

Phu Quoc casino and resort chain owner loses more than 3 billion VND per day

A newly released financial report shows that Phu Quoc Tourism Investment and Development Joint Stock Company lost 564 billion VND in the first half of this year, and more than 332 billion VND in the same period.

This company is the operator of Corona Resort & Casino Phu Quoc.

After a long period of negative profits, the accumulated loss up to June 2025 of this enterprise operating a large casino and resort complex in Phu Quoc reached VND5,503 billion.

Owner's equity also decreased by nearly VND960 billion after 1 year, to VND1,996 billion by mid-year.

In terms of financial capacity, the company recorded a slight trend of narrowing total liabilities. As of the end of June 2025, the company's outstanding liabilities were VND 40,689 billion, down more than 2% compared to the beginning of the year.

The debt structure shows that bank loans increased from VND217 billion to VND324 billion, while bond debt remained at VND7,520 billion. The decrease mainly came from short-term payables 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 level of 14.09 times in the same period last year, reflecting that financial leverage pressure is still at a large level.

On the website, Corona Resort & Casino Phu Quoc introduces its scale of up to more than 1,176.51 hectares, including 5-star hotels and resort villas, eco-tourism and commercial areas, international standard golf courses and modern casinos.

How is Ha Long Casino doing?

Another name in the casino industry is Royal International Corporation (RIC) - owner of Royal Ha Long casino - also released its semi-annual financial report this year.

Accordingly, in the first half of 2025, this enterprise recorded revenue of nearly 76.3 billion VND, an increase of 21% over the same period.

During the period, the cost of goods sold was optimized, so RIC's gross profit increased. In addition, business management costs were reduced.

Therefore, after a loss of nearly VND 14.8 billion in the first 6 months of 2024, RIC has reversed to a profit in the same period this year. But the profit is only a modest VND 559 million.

After many years of operating at a loss, RIC's accumulated after-tax profit by the end of June this year was more than 603 billion VND.

According to the plan, in 2025 the company aims to achieve over 7.2 million USD in revenue (about 187 billion VND) and after-tax profit of over 1.3 million USD (equivalent to 34 billion VND).

To achieve this goal, the management said it will focus on tightly controlling fixed costs and financial costs, especially interest.

At the same time, the company plans to improve operating cash flow by optimizing asset utilization and promoting high-margin services.

RIC leaders emphasized that in the first 6 months of the year, the company has implemented many solutions to improve business results, actively seek customers, and promote the exploitation of new customers.

BINH KHANH

Source: https://tuoitre.vn/cac-ong-chu-chuoi-casino-ha-long-phu-quoc-lo-luy-ke-tram-ti-ngan-ti-20250909085623869.htm