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RIC reports losses work $754k due to lack of Chinese visitors

November 6, 2023 Vietnam Casino & HotelIndustry Updates

The Royal Halong Casino Hotel’s operator, Royal International Corporation (RIC), revealed third-quarter losses of around VND18.5 billion (about $754,000), up 6.6% over the same period the previous year.

The primary cause of this loss may be attributed to a decline in Chinese visitors due to more stringent Chinese visa regulations and economic challenges facing the local tourism industry.

In the first nine months of 2023, Vietnam welcomed over 1.1 million Chinese tourists—just 28% of pre-pandemic levels. The nation is no longer as appealing to Chinese travelers as it once was as a top Southeast Asian travel destination.

The revenue of RIC decreased by 33% to VND30 billion ($1.2 million), resulting in total losses of VND530 billion ($21.6 million). This year, the company has had to let go of seventy-five employees, leaving it with 465.

Even though RIC has unexpectedly lost money for 16 quarters running, it still plans to construct a brand-new, five-star hotel in the city in northern Vietnam.

Original story by: Asia Gaming Brief

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