Royal International casino records loss for 14th consecutive quarter

By Trang Nguyen
Fri, May 5, 2023 | 7:00 am GMT+7

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.

Royal Halong Hotel in Halong town, Quang Ninh province, northern Vietnam. Photo courtesy of Labor newspaper.

Royal Halong Hotel in Halong town, Quang Ninh province, northern Vietnam. Photo courtesy of Labor newspaper.

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.

Comments (0)
  • Read More
Sun Group seeks support to accelerate 2 urban area projects in southern Vietnam

Sun Group seeks support to accelerate 2 urban area projects in southern Vietnam

Sun Group, a leading real estate developer in Vietnam, on Thursday asked Binh Duong province authorities for more support to speed up its two major urban area projects.

Real Estate - Fri, May 23, 2025 | 11:16 pm GMT+7

Hyundai Life enters Vietnam’s consumer goods market

Hyundai Life enters Vietnam’s consumer goods market

Hyundai Life, a subsidiary of South Korea's top-tier industrial brand Hyundai Corporation Holdings, has officially entered the Vietnamese market, launching three product lines: home appliances, lighting equipment, and smart door locks.

Companies - Fri, May 23, 2025 | 10:44 pm GMT+7

China’s C&D Group plans $2 bln paper, pulp facility in central Vietnam

China’s C&D Group plans $2 bln paper, pulp facility in central Vietnam

C&D Group of China, which ranks 85th on the Fortune Global 500, has proposed a $2 billion finished paper and pulp facility in Vietnam’s central province of Quang Binh.

Industries - Fri, May 23, 2025 | 4:50 pm GMT+7

Logistics, free trade zone projects proposed for My Thuy Port area in central Vietnam

Logistics, free trade zone projects proposed for My Thuy Port area in central Vietnam

My Thuy International Port Joint Venture Company (MTIP) has proposed studying several projects associated with its investment in My Thuy Port of Quang Tri province, central Vietnam.

Infrastructure - Fri, May 23, 2025 | 3:10 pm GMT+7

Packaging plays key role in attracting Thai consumers: Central Retail exec 

Packaging plays key role in attracting Thai consumers: Central Retail exec 

Vietnamese businesses need to prioritize eco-friendly and modern packaging designs to appeal to Thai consumers, said Chailermchai Pornsiripiyakool, head of CSR & international corporate affairs at Central Retail.

Companies - Fri, May 23, 2025 | 2:41 pm GMT+7

VSIP eyes $86 mln residential project in central Vietnam

VSIP eyes $86 mln residential project in central Vietnam

VSIP Nghe An Co. Ltd., the developer behind facilities under the Vietnam-Singapore Industrial Park (VSIP) model, has proposed a VND2.24 trillion ($86.3 million) residential area project in the central province of Nghe An.

Real Estate - Fri, May 23, 2025 | 1:16 pm GMT+7

Is Vietnam's steel major SMC emerging from shadows?

Is Vietnam's steel major SMC emerging from shadows?

Steel manufacturer SMC Trading Investment JSC (HoSE: SMC) has dodged delisting, but its path to recovery remains rocky as the steel industry grapples with mounting challenges.

Companies - Fri, May 23, 2025 | 12:08 pm GMT+7

Thailand sees car sales bounce back after nearly 2 years

Thailand sees car sales bounce back after nearly 2 years

Domestic car sales in Thailand rose by 1% year-on-year in April, the first increase in 23 months, according to the Federation of Thai Industries (FTI).

Southeast Asia - Fri, May 23, 2025 | 8:51 am GMT+7

US set to impose steep tariffs on solar panel imports from Southeast Asia

US set to impose steep tariffs on solar panel imports from Southeast Asia

The US International Trade Commission (ITC) determined on May 20 that domestic solar panel makers were materially harmed or threatened by a flood of cheap imports from four Southeast Asian nations, bringing the US a step closer to imposing stiff duties on those goods.

Companies - Fri, May 23, 2025 | 8:50 am GMT+7

Singapore launches five-year study on depression

Singapore launches five-year study on depression

Singapore’s Institute of Mental Health (IMH) has initiated a five-year study to look at the causes of depression among adults in the country, with the aim of finding ways to prevent it or halt its trajectory.

Southeast Asia - Fri, May 23, 2025 | 8:47 am GMT+7

Thailand aims to cut US trade gap by $15 bln

Thailand aims to cut US trade gap by $15 bln

Thailand expects to reduce its trade surplus with the U.S. by as much as $15 billion a year, or one-third, with its recent initiatives to prevent the misuse of origin rules for exports, according to Thai Deputy Prime Minister and Finance Minister Pichai Chunhavajira.

Southeast Asia - Fri, May 23, 2025 | 8:45 am GMT+7

Q1 revenue of LG Electronics’s Vietnam factories fall 12% to $2 bln

Q1 revenue of LG Electronics’s Vietnam factories fall 12% to $2 bln

LG Electronics’s factories in Vietnam, both in the northern port city of Hai Phong, recorded a total revenue of KRW2.84 trillion ($2.05 billion) in the first quarter of this year, down 12.3% year-on-year.

Companies - Fri, May 23, 2025 | 8:31 am GMT+7

'Reversal signal' from foreign investors after 2 years of net selling

'Reversal signal' from foreign investors after 2 years of net selling

Despite a persistent net selling trend since the start of the year, foreign investor activity in the first half of May has been described by several analysis groups as signaling a potential “reversal” after two years of consistent divestment.

Finance - Thu, May 22, 2025 | 10:51 pm GMT+7

'Tunnel king' Deo Ca proposes expanding North-South Expressway under PPP model

'Tunnel king' Deo Ca proposes expanding North-South Expressway under PPP model

Deo Ca Group JSC, known as Vietnam’s “tunnel king” for its role in transport infrastructure, has proposed expanding the eastern section of the North-South Expressway to six lanes, using the public-private partnership (PPP) model.

Infrastructure - Thu, May 22, 2025 | 8:45 pm GMT+7

Vietnam's pharma major Imexpharm to build $58 mln plant in southern Vietnam

Vietnam's pharma major Imexpharm to build $58 mln plant in southern Vietnam

Imexpharm Pharmaceutical JSC (IMP) expects to complete procedures by September to begin construction of its Cat Khanh pharmaceutical plant in Dong Thap province in Q4/2025.

Industries - Thu, May 22, 2025 | 4:51 pm GMT+7

Thai Central Retail's Vietnam revenue hits $431 mln in Q1

Thai Central Retail's Vietnam revenue hits $431 mln in Q1

Thai giant Central Retail posted revenues of nearly THB14.16 billion ($431.44 million) in Vietnam in the first quarter of this year, driven by increased consumer demand during the Tet (Lunar New Year) holiday.

Companies - Thu, May 22, 2025 | 4:23 pm GMT+7