Good morning. A heavy investment casts a long shadow before it sees the sun. Vietnam’s billion-dollar casino resorts continue to post losses despite rising domestic participation. Accumulated losses at Corona Resort & Casino exceeded $220 million by the end of 2025, as high capital and depreciation costs weigh on returns. Local players accounted for around 88 percent of casino revenue under the pilot scheme over the 2019–2024 period, yet profitability remains elusive. Meanwhile, Macau recorded 11.2 million visitor arrivals in the first quarter of 2026, up 13.7 percent year-on-year, driven by a 20.3 percent increase in same-day visitors. Separately, Sands China reported solid revenue growth in 1Q26 but continued margin pressure as the company prioritizes market share over near-term profitability.
What you need to know
- Strong local spending fails to lift Vietnam casinos into profit, with billion-dollar resorts weighed down by costs and long payback cycles.
- Macau records 11.2 million visitors in 1Q26, up 13.7 percent year-on-year, with strong same-day growth and continued reliance on mainland China.
- Sands China posts ‘decent’ 1Q26 results despite margin pressure as reinvestment supports market share gains, says CreditSights.
On the radar
- Cambodia shuts 91 casinos in sweeping cyber scam crackdown.
- Ainsworth FY2025 profit falls 9% to $15M amid Latin America volatility.
- Japan moves closer to blocking illegal online casinos.
- Macau hotel occupancy rises to 94.6% in 1Q26, rates dip 0.5%.
- Casino Plus reports second April jackpot with $1.4M win.
AGB Intelligence
VIETNAM
Corona casino losses widen under Vietnam pilot scheme
Vietnam’s integrated casino resorts continue to report losses despite rising domestic participation under a pilot scheme allowing local gambling. Corona Resort & Casino recorded accumulated losses exceeding $220 million by the end of 2025, while Grand Ho Tram remains loss-making following its recent inclusion in the local gaming scheme, indicating that the policy’s impact may take time to materialize. High capital and depreciation costs continue to weigh on profitability, even as domestic players dominate revenue and resorts drive tourism growth.
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