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.
Royal Halong Hotel in Halong town, Quang Ninh province, northern Vietnam. Photo courtesy of the company.
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.
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