The Royal Casino in Ha Long Town, Vietnam showed €309,000 profit for the third quarter of this year.
Vietnam.- The post-tax profit came as a result of the lodging business, which appears to be carrying the casino at this point.
This represented an incredible news, as it marks the first time in the history of the casino that the operation turned a quarterly profit.
The casino business has struggled mightily for Royal International, the operator of the Royal HaLong Casino, but soaring lodging revenues appear to be driving the company toward greater profitability.
According to the filing, the Royal Casino recorded a profit of €2,3 million, which accounted for 36.8% of the total revenue that the company earned from January through September of 2019.
Furthermore, through the first nine months of this year, Royal International posted a total revenue of €6,3 million. That is less than half of what they expected to have recorded at this point when the year began representing a loss of over €2,7 million.
Consequently, increasing competition may be the biggest reason for these outcomes. With casinos propping up and thriving in places like Cambodia, Myanmar, and the Philippines, they are pulling customers away, which is hurting the revenue for the Royal Casino.
It also does not help that there are other options available within Vietnam. Currently, there are seven casinos in the country, with six being available and open to foreign passport holders.