Royal International Corporation (RIC), operator of Royal Halong Hotel’s Royal Casino in Vietnam’s Ha Long Bay, has reported losses of VND54 billion (US$2.3 million) in the six months to 30 June 2020, impacted by a COVID-19 forced closure in March and reduced business since reopening in May.
According to local media reports, 1H20 revenue declined 38% year-on-year to VND49 billion (US$2.1 million), although with RIC having previously reported a loss of VND33 billion (US$1.4 million) in the first quarter of the year, cost reductions appear to have limited second quarter loss to around VND21 billion (US$907,000).
Contacted by Inside Asian Gaming, Royal Casino management said it was disappointing to see external factors eat away at the momentum they had gained earlier in the year.
“Royal Casino performed well in 1Q with revenue doubling year-on-year (to US$655,000) which was a pleasing result given the casino was closed due to COVID-19 in the latter part of March,” the company said.
“Unfortunately we were unable to continue this upward trend in 2Q. Consistent with the global experience, we suffered serious negative impact with the casino remaining closed throughout April and into the first half of May. International borders remain closed to this day.
“Having said that, we are confident that when the borders reopen, Vietnam tourism will rebound quickly, benefiting from the excellent reputation it has gained from its management of the pandemic. In a country of 97 million people there have been only 446 confirmed cases and no reported deaths.”
Described as a predominantly premium mass-focused property, Royal Casino was one of the first licensed casinos in Vietnam when it first opened in 2003 in Quảng Ninh province, and is currently licensed to offer 18 gaming tables and 70 EGMs.
The associated Royal Halong Hotel is a five-star property with facilities that include a restaurant, two swimming pools, spa, gymnasium and KTV.