Vietnam’s Hoiana casino resort posts net revenue of US$47.5m for H1

First half casino gross gaming revenue was up 687.1 per cent year-on-year.
First half casino gross gaming revenue was up 687.1 per cent year-on-year.

The casino venue benefited from the recovery of Asian tourism in the first half of 2023.

Vietnam.- The Hoiana casino resort in the Vietnamese province of Quang Nam has reported that net revenue for the first half of the year reached US$47.5m. That’s a rise of almost 560 per cent from last year.

Gross gaming revenue rose by 687.1 per cent to US$113.8m and VIP rolling chip volume rose 592.4 per cent to US$2.62bn. Mass table drop and electronic gaming volume rose by 495.2 per cent and 94.5 per cent, respectively.

Casino investment business LET Group Holdings attributed the growth to the resurgence of Asian tourism in the first half, leading to an increase in international visitor arrivals in Vietnam. The province of Quang Nam is a major tourist destination, but the sector was deeply affected by the Covid-19 pandemic

The company said the volume of visitors to Hoiana and the resort’s operational activities improved in the period. The resort achieved positive adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) of US$10.1m compared to negative US$25.8m in the same period in 2022.

LET Group Holdings said it has a 34 per cent indirect equity interest in Hoiana through a joint venture. A report in July indicated that the Chengs, a Hong Kong family of entrepreneurs, had assumed control of the resort’s day-to-day management.

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