Vietnam: Royal International reports big losses for 1Q20

Operator posts a €2.8million loss in the first three months of the year, which it has attributed to the Coronavirus crisis.

Vietnam.- Royal International Corporation reported a loss of VND33 billion (€1.2million) in the first quarter of the year.

The numbers follow a VND73 billion (€2.8million) loss for the 12 months to 31 December 2019.

The company operates the largest casino in Quảng Ninh Province near Hanoi, Royal Casino Ha Long.

Despite casino revenue doubling year-on-year to VND15.4 billion (€602,000), profits were hit by a 24 per cent decline in revenues from RIC’s hotel and villas to VND20.2 billion (€789,000).

The company blamed the decline on falling tourist numbers as a result of the COVID-19 pandemic.

The company’s group-wide revenues held steady year-on-year. However, it recently halved its profit target for 2020 to €372,000 due to the on-going Coronavirus crisis.