Northern Vietnam casino reports first profit in three years

By Phuong Dong   January 21, 2019 | 12:02 pm GMT+7
Northern Vietnam casino reports first profit in three years
Royal International Corporation said revenues grew by 48 percent in 2018 from the previous year. Photo by Shutterstock/Fresnel

Royal Casino, the largest in the northern Quang Ninh Province, last year reported a profit for the first time in three years.

Royal International Corporation, its operator, said revenues grew by 48 percent from the previous year to VND288 billion ($12.39 million), and profit after tax to VND17 billion ($731,263) in 2018. This is the company’s first profit since 2015.

The owner of the company is Khai Tiep International Investment Limited, registered in the Cayman Islands.

The casino accounted for VND178 billion ($7.66 million) with the rest coming from hotel, villas and hospitality-related services.

The company’s management said in a financial report that the growth in the casino’s revenues was due to the sharp increase in the number of customers after an expressway connecting Quang Ninh's Ha Long town  with northern Hai Phong City was built last September.

Linking up with the Hanoi-Hai Phong expressway, it cuts the travel time from the capital to Ha Long by half to just 90 minutes.

The company also saved VND16 billion ($688,192) last year in sales and management costs.

At the end of last year the casino had 1,346 employees, 80 fewer than at the beginning of the year.

On Saturday Corona Resort and Casino in the southern Phu Quoc Island became the first casino in Vietnam to allow Vietnamese to gamble.

The government has allowed a three-year trial period.

Vietnamese who gamble here must be over 21, earn a minimum of VND10 million ($430) a month and have no criminal record or objections from family.

 
 
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