The combined revenue growth does not mean they have garnered income increases separately
The combined revenue growth does not mean they have garnered income increases separately
Several casinos in Vietnam have reported shrinking revenues despite their integrated turnover doubling over the last three years.
According to a recent report submitted by the Ministry of Finance to the prime minister, eight operational casinos out of Vietnam’s 12 licensed ones doubled their combined revenue from 2017 to 2019.
In 2017, their integrated revenue reached VND1.19 trillion (US$51.3 million), contributing VND645 billion ($27.8 million) to the state budget.
In 2018, the figure mounted to VND1.56 trillion ($67.3 million), adding VND898 billion ($38.7 million) to the state coffers.
In 2019, the eight casinos generated VND2.5 trillion ($107.8 million) in revenue, bringing VND1.34 trillion ($57.8 million) to the national budget.
However, the combined revenue growth does not mean all casinos have been doing well. For some, a decline in turnover has been the trend.
Particularly, the Corona casino on Phu Quoc Island off the southern province of Kien Giang posted a revenue of VND280 billion ($12.1 million) in 2019, which came from over 105,000 customers, including approximately 57,800 foreign visitors and about 47,000 Vietnamese guests.
Its turnover in the second half of the year plummeted by 47 percent to about VND100 billion ($4.3 million) compared to the first half.
Notably, the Phu Quoc Tourism Development and Investment JSC, which manages the Corona casino, reported a huge loss of VND2.5 trillion ($107.8 million) in the same year, which was incurred from both its casino business and other operations.
The Royal casino in Ha Long City, located in the northern province of Quang Ninh, garnered a revenue of VND97 billion ($4.2 million) last year.
The Royal International Corp, which operates the Royal casino, reported over VND235 billion ($10.13 million) in revenue, down 18.2 percent from the previous year, and a loss of more than VND72 billion ($3.1 million).
Likewise, the casino at Aristo International Hotel in the northern province of Lao Cai posted a revenue of VND344 billion ($14.8 million) in 2019, or a 19.6-percent year-on-year decline.
Its profit before tax and interest expenses also fell by 27 percent compared to 2018.
