Corona Casino – the first casino in Vietnam where Vietnamese people are permitted to gamble – has reported a gross profit of $13.04 million and pre-tax profit of $4.7 million after six months of operation.
Phu Quoc Tourism Development and Investment Company JSC, the investor of the Corona Resort & Casino complex, has published its financial statement. The company currently has a charter capital of VND7.5 trillion ($326.1 million) with five large shareholders.
Accordingly, the net revenue of the company decreased by 10 per cent on-year to VND1.14 trillion ($49.57 million). The casino made up 53 per cent of the company’s revenue, with VND605 billion ($26.3 million). The casino is the only trading sector generating gross profit for Phu Quoc Tourism Development and Investment. The remaining segments, namely hotel service, restaurant, and villa management, all reported losses.
In this January, Corona Casino, located in a $2.1 billion complex in Phu Quoc Island, became the first five-star casino in Vietnam that is open for Vietnamese people to gamble for a three-year trial period.
Under the rules of Corona Casino, Vietnamese tourists who want to enter the casino will have to pay an entrance fee of VND1 million ($43.2) per person for 24 hours, which will be added to the budget of Kien Giang province.
In addition, Vietnamese tourists must bring identification documents confirming the players are aged 21 or above as well as documents proving that the player earns a regular income exceeding VND10 million ($435) per month.
Corona Resort & Casino has a total investment value of about VND50 trillion ($2.17 billion), of which the first phase accounts for VND25 trillion ($1.1 billion). Corona Casino is overseen by Upffinity Gaming Management, a Dutch international casino management company with experience in managing high-end casinos in Europe and Macao.
In addition to the casino, this complex also has a five-star international hotel with 2,000 rooms and 10 seaside villas, a convention centre, theatee, shopping centre, water park, spa, and restaurant-bar chain.VIR
Experts say that casinos are no longer attractive to foreign investors but appear to be a promising field for Vietnamese enterprises.