The chief of Asia’s leading casino junket operator Suncity Group has said the company’s affiliated integrated resort project in Vietnam is pushing back its launch date by a year.

On Friday, Suncity Group Holdings – a separate but linked firm from junket operator Suncity Group – released its 2019 unaudited financial results. The Hong Kong-listed company’s revenue hit RMB611.8m (US$86.1m) last year, down 22.8% from 2018’s result, while gross profit tumbled 57.8% to RMB99.9m, resulting in a net loss of nearly RMB1.5b, a slight improvement over 2018’s RMB1.46b loss.

The Holdings company currently makes most of its bones through commercial property development and VIP gambler travel services, but is increasingly focused on casino management. Cash outlays toward expanding these casino management operations are largely responsible for the company’s recent losses.

Speaking of, Suncity announced that the Hoiana integrated resort project in Vietnam – a joint venture in which Suncity holds a 34% stake – is pushing back its official launch until sometime next year due to “uncertainties” caused by the COVID-19 pandemic.