Ha Long casino operator reports bigger losses

By Tat Dat   November 4, 2023 | 08:12 pm PT
Ha Long casino operator reports bigger losses
Royal Halong Casino in the northern province of Quang Ninh. Photo courtesy of Royal International Corporation (RIC)
Royal International Corporation (RIC), which operates the largest casino in the northern town of Ha Long, saw its losses in the third quarter jump 6.6 times year-on-year due to a shortage of Chinese customers.

Losses were VND18.5 billion (US$754,000) in the 16th loss-making quarter in a row, the company, based in the province of Quang Ninh, said in a financial report, adding that its accumulated loss is now at VND530 billion.

Its revenue dropped by one-third to VND30 billion.

Challenges in the economy, especially in the tourism sector, are the main reasons for the loss, RIC said.

Most of its international customers are Chinese tourists but in the third quarter China still limited its people from traveling overseas.

The company expects tourism to recover soon, and its new promotional events will bring more customers. It eyes to start building a new 5-star hotel in Ha Long.

RIC has laid off 70 staff this year and now has 465 workers.

Since 2016, the company has only posted a profit once, in 2018. It said that the increasing number of casinos in Cambodia, the Philippines and Myanmar have increased competition in the region.

RIC was established in 1994 with charter capital of $15 million as a hotel operator, and eight years later received permits to operate a casino for foreigners.

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