Donaco International informed the Australian Stock Exchange that its Aristo International Hotel in Lao Cai, Vietnam, which borders China’s Yunnan Province, has been badly hit by the financial impact of the Covid-19 coronavirus and its associated border closures.
“The border crossing at Lao Cai is currently tightly restricted, with crossing allowed only for visitors with an ‘urgent’ or ‘official’ business reason. This has led to a substantial reduction in players visiting the Aristo casino hall, and consequent reduction in gaming turnover.”
Visitation is down 75 percent and rolling chip turnover down 82 percent.
“In response to the slowdown in the business, Aristo management have arranged unpaid leave for many staff members in February, and have also reduced total headcount, as well as deferring various capital expenditure projects,” the statement said.
The statement also noted that the firm’s larger property, Star Vegas casino in Poipet, along the Cambodia-Thailand border, had so far registered no visible impact, but it was too early to predict the future trajectory.