The Royal International Corporation (RIC) which is running the only casino in UNESCO World Heritage site Ha Long Bay has just reported huge losses in 2017, blaming a drop in Chinese gamblers visiting Ha Long.

RIC said in its latest financial report that it only earned VND194 billion (USD8.53 million) in revenues last year which was a fall of 37% compared to that of 2016. Its losses in 2017 were seven times up from a year ago to 127 billion (USD5.58 million).

According to RIC, the number of players at its Gaming Club started to fall sharply since August 2017, causing the losses in the third quarter to jump 23 times from a year ago to more than VND69 billion (USD3.04 million).

Most of the losses were incurred by its casino operation, but its hotel, villa or entertainment business also played a small part, the report said.

RIC's Gaming Club was opened in 2003 but the business started to decline in 2010 with revenue of only VND77 billion (USD3.39) and profit of VND41 billion. It first reported losses in 2013.

RIC said most gamblers come from Taiwan and mainland China, but fewer have been showing up recently.

Vietnam has six casinos that open exclusively to foreigners, and four of them are reporting losses.

In early 2017 the government lifted a long-time ban on Vietnamese nationals to allow them to gamble in two casinos - one on the southern resort island of Phu Quoc and the other at the Van Don Special Economic Zone in the northern province of Quang Ninh, close to the loss-making Ha Long casino.

Both casinos are under construction.

dtinews