Royal International Corporation (RIC), operator of the largest casino in Vietnam’s Quảng Ninh Province near Hanoi, Royal Casino Ha Long, said this week it anticipates a 93% increase in revenue in 2022, although that won’t be enough to return to profit.
The company told the Ho Chi Minh Stock Exchange it anticipates a loss of US$1.6 million this year, narrowed from a loss of US$4.4 million reported in 2021. If its predictions are correct, it will represent the fourth consecutive year of losses with the past three impacted by the COVID-19 pandemic.
RIC last recorded a profit of US$731,000 in 2018.
However, the company said it estimates revenue surging by around 93% to US$6.3 million according to a report by VN Express.
In order to aid recovery, RIC is planning to develop two new five-star hotels with a view to attract more international and domestic guests. It said only 30% of its villas and 12% of its hotel rooms were occupied in 2021, however the reopening of Vietnam’s international borders to tourists in mid-March is expected to prompt a rapid recovery in the coming months.
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.
The associated Royal Halong Hotel is a five-star property with facilities that include a restaurant, two swimming pools, spa, gymnasium and KTV.
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