Royal International Corporation, owner of the largest casino in Quang Ninh, Vietnam, has earmarked a profit of $500,000 this year, despite having recorded two years of losses previously.
According to documents submitted to the annual general meeting of shareholders, the company is expecting to double revenues to $10.3m, with $5.8m to come from its gaming operations, while the rest will come from its hotel and villas.
The company said its Royal Ha Long casino will continue to target foreigners working in Vietnam who have been unable to return to their home country due to the pandemic and aims to also cut costs and adopt a flexible pricing strategy to attract Vietnamese customers once the pandemic passes.
During the first quarter of the year, RIC recorded revenue of $1.2m, while recording a loss of $1.1m. Last year, the company posted a $4.3m loss, citing increased competition from casinos in neighbouring countries such as Cambodia, Philippines and Myanmar.
The Royal Ha Long is not permitted to offer gaming to local Vietnamese citizens, unlike the Corona Resort and Casino in Phu Quoc and Van Don in Quang Ninh, which is allowed to offer gaming to locals under a three-year pilot programme.
The government however, has not signalled any intention to expand this pilot programme to other local casinos.
Source: Asia Gaming Brief