Royal International Corp, which operates the Royal Casino Halong in Quang Ninh province, has reported a loss of VND61.2 billion ($2.57 million) in 2022 following a loss of VND104.8 billion ($4.41 million) the previous year.
As of December 31, 2022, the company had recorded an aggregate loss of VND475 billion ($19.99 million).
The casino service provider's net revenue reached VND119 billion ($5 million), up nearly 60% year-on-year. Of this, the gambling business accounted for more than VND32 billion ($1.34 million), while hotels and villas hit VND87 billion ($3.66 million).
Notably, financial operating expenses reached nearly VND12 billion ($504,200), two times higher than 2021. This increase was mainly due to the increase in loan interest rates and the company's outstanding loans.
Its revenue expanded in 2022 thanks to the removal of travel restrictions as Covid-19 was put under control. The company also found ways to maintain its existing customer base and have new clients.
At the end of 2022, RIC's total assets stood at VND928 billion ($38.99 million), up 9% compared to the end of 2021.
The company was established in 1994 with a charter capital of $15 million, operating in the hotel and casino business for foreigners.
In 2005, the firm switched from a joint venture company to a joint stock company, and its charter capital increased to $21 million, per value of $1 per share. It was listed on the Ho Chi Minh Stock Exchange (HoSE) in 2007 as RIC.
In mid-April, the HoSE decided to delist RIC shares because it had suffered losses for three consecutive years. RIC shares have been transferred to UPCoM, the market for unlisted companies.