The operator of The Royal Casino in HaLong Town, Vietnam, posted VND8 billion (US$345 million) in profit in the third quarter of 2019, mainly from its lodging business, VN Express reports.
The results mark the first time the company turned a quarterly profit – due mainly to a suffering casino business.
According to the results, casino revenue at The Royal Casino reached only VND60 billion, accounting for 36.8 percent of total revenue for the January to September period.
The company said that the revenue generated in this section of the business is unstable due to the seasonal nature of the casino business, along with the number of players and luck.
The company also blamed increasing competition, such as the casinos in Cambodia, Philippines, and Myanmar, pulling away gamblers.
Vietnam currently has seven casinos, six of which are open only to foreign passport holders.