Royal International Corporation (RIC), the operator of the Royal Casino Halong Hotel, reported almost VND18.5 billion (US$754,000) in losses in the third quarter of this year, a 6.6 percent year-on-year jump, VNExpress reported.
The operator of the largest casino in the northern town of Ha Long attributed the losses to a reduction in the volume of Chinese patrons caused by a tightening of visas issued by Chinese authorities, and challenges to the local economy, especially in the tourism sector.
In the first nine months of this year, Vietnam received over 1.1 million Chinese tourists, equivalent to 28 percent of pre-pandemic levels, as the country seems to have lost favour as one of China’s top southeast Asian tourism destinations
RIC revenue dropped by one-third to VND30 billion ($1.2 million), with the company also ending with VND530 billion ($21.6 million) in accumulated losses. RIC has laid off 70 staff this year and currently has 465 workers.
According to the report, the company has reported losses for 16 quarters in a row, but it still maintains plans to develop a new 5-star hotel in the northern Vietnamese city.