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Vietnam's Corona Casino generates $30 million in first half of 2020

Friday, October 23, 2020, 12:27 GMT+7
Vietnam's Corona Casino generates $30 million in first half of 2020
Corona Casino on Phu Quoc Island off Kien Giang Province, southern Vietnam operates well despite the ongoing COVID-19 pandemic. Photo: Tuoi Tre

Despite the COVID-19 pandemic wreaking havoc on the local economy, Corona Casino on Phu Quoc Island off southern Vietnam managed to rake in around VND700 billion (US$30 million) in revenue between January and June, inclusive of ticket sales to Vietnamese guests, according to the Ministry of Finance.

The casino paid VND212 billion ($9 million) in tax during the same period.

Comparatively, the Corona Casino, owned and operated by Phu Quoc Tourism Investment and Development JSC in Kien Giang Province, posted revenues of VND1.38 trillion ($59.6 million) and paid VND512 billion ($22.1 million) in tax in 2019.

VND284 billion ($12.2 million) of the casino’s revenues in 2019 were profit, compared with VND303 billion ($13 million) earned in the first six months of this year, putting it on track for a 162 percent year-on-year increase.

Even with such staggering figures, Phu Quoc Tourism Investment and Development JSC still claimed losses of over VND2.5 trillion ($107.8 million) last year, according to its audited financial report.

The ministry also mentioned postive results of eight other casinos currently operating in the country, including Ho Tram, Nam Hoi An, Do Son, Loi Lao, Hoang Gia, Hong Van Hotel, Lao Cai International Hotel, and Silver Shores.

In 2017, these eight recorded VND1.2 trillion ($52 million) in revenue and paid VND645 billion ($28 million) in tax.

In 2018 and 2019, these figures jumped to VND1.5 trillion ($65 million) in revenue and VND898 billion ($39 million) in tax, and VND2.5 trillion in revenue and VND1.3 trillion ($56 million) in tax, respectively.

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