The largest casino in Vietnam’s Quảng Ninh Province near Hanoi, Royal Casino Ha Long, moved into profit in the three months to 30 September 2019, turning around some heavy losses through the first half of the year.
According to a report in the Vietnamese language section of VietNamNet, Royal Casino reported a profit of VND8 billion (US$345,000) in 3Q19 on the back of a 47% increase in revenue to VND84 billion (US$3.6 million).
However, the foreigner-only casino remains very much in the red in 2019 with accumulated losses for the first nine months of the year totaling VND70 billion (US$3 million).
It was previously reported that Royal Casino Ha Long recorded a profit of US$731,000 in 2018 – its first full year profit since 2015 – with cumulative losses since 2015 mounting to VND256 billion (US$11 million).
The casino’s owner, Hoang Gia International JSC, reported revenue for the first nine months of 2019 of VND163 billion, down 13% year-on-year and lagging behind its stated 2019 revenue goal of VND350 billion (US$15 million).
Casino management said that its 3Q19 profit was a result of increased marketing efforts combined with various on-site cost-cutting measures.
Vietnam currently has only one casino open to locals, Corona Resort & Casino on Phu Quoc Island, which recently reported a pre-tax profit of US$4.7 million during its first six months of operation after opening for business in January.