The Royal International Corp, which operates Royal Casino Halong in Quang Ninh province, reported a loss of over VND11.5 billion ($490,000) in the first quarter of this year.
It was the 14th consecutive loss-making quarter for Vietnam’s only listed casino company (RIC). Its aggregate loss reached VND486.7 billion ($20.75 million).
The company earned net revenues of VND30.7 billion ($1.31 million) in Q1, up 250% year-on-year, according to its financial statement.
The company said its Q1 revenue increased sharply compared to Q4/2022 thanks to the control of the Covid-19 pandemic. Besides, its management actively sought all measures to stabilize the existing customer source and exploit new channels.
"However, other sources of income decreased, while expenses increased due to the hike in loan interest and principal debt," it noted.
The casino service provider expects revenue of more than VND246 billion ($10.48 million) and post-tax profit of over VND35 billion ($1.49 million) in 2023.
Royal International Corp 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 rose to $21 million. 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 public companies.