Royal International casino records loss for 15th consecutive quarter

The Royal International Corp, which operates Royal Casino Halong in northern Vietnam's Quang Ninh province, reported a loss of nearly VND23.8 billion ($1 million) in the second quarter of this year.

It was the 15th consecutive loss-making quarter for Vietnam’s only listed casino company (RIC). Its aggregate loss reached VND510.5 billion ($21.58 million).

The company earned net revenues of VND24.3 billion ($1.03 million) in Q2, down 41% year-on-year, according to its financial statement.

In the first six months of this year, the company posted net revenue of VND55 billion ($2.32 million), up 10% year-on-year.

The casino service provider suffed a loss of VND35.4 billion ($1.5 million), while in the same period last year it made a loss of VND32.5 billion ($1.37).

The company 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.