Vietnam: Royal International reports 7th quarter of losses
Royal International has posted a VND18.4bn loss for the first quarter of the year due to continued border restrictions.
Vietnam.- Royal International, owner of the Royal Ha Long Bay Casino in Quang Ninh, has reported another quarter of losses as it continues to be impacted by Covid-19 measures and the lack of tourism.
It’s reported a loss of VND18.4bn for the second quarter, an improvement on the VND21.08bn loss reported in the same quarter last year. Revenue came in at VND28bn, up 100 per cent year-on-year.
At the beginning of 2021, Royal International forecast revenue of VND238.2bn (US$10.4m) and profit of VND11.6bn for the year.
In March, casino operators asked the government to expand Vietnamese citizens’ access to casinos in major tourist destinations such as Quang Nam and Ba Ria-Vung Tau to help casinos face the loss of revenue from tourists owing to the Covid-19 pandemic.
However, the government said the current scheme won’t be expanded to other casino operators. At present, Vietnamese citizens are only permitted to enter two casinos: one on the southern island of Phu Quoc and the other in Van Don, in the northern province of Quang Ninh.
