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Northern casino operator reports Q1 loss

Apr 22nd at 08:45
22-04-2020 08:45:49+07:00

Northern casino operator reports Q1 loss

Royal International Corporation, which operates the largest casino in Quang Ninh Province, reported a loss of VND33 billion ($1.4 million) in the first quarter.

Northern casino operator reports Q1 loss
Royal Halong Casino in the northern province of Quang Ninh. Photo courtesy of Royal International Corporation (RIC).

Though casino revenues doubled year-on-year to VND15.4 billion ($655,000), revenues from its hotel and villas fell 24 percent to VND20.2 billion ($859,200) as tourist numbers dwindled because of the coronavirus pandemic, the operator of Royal Halong near Ha Long Bay said in its financial report.

Overall revenues remained roughly the same at VND35.7 billion ($1.5 million).

The company last month cut its profit target for this year by half to $404,000 after Vietnam banned international flights and closed down tourist destinations to curb the spread of the novel coronavirus.

Last year RIC had posted a loss of almost VND73 billion ($3.1 million), blaming it on the increasing number of casinos in Ha Long.

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