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Northern casino set to post 4th consecutive annual loss

By Tat Dat   April 7, 2022 | 01:30 am PT
Northern casino set to post 4th consecutive annual loss
Inside Royal Halong Casino in the northern province of Quang Ninh. Photo courtesy of Royal International Corporation (RIC)
Royal International Corporation (RIC), which operates the biggest casino in the northern province of Quang Ninh, is set to record a loss for the fourth year in a row.

The company expects a loss of nearly $1.6 million this year on top of $4.4 million last year.

But it anticipates a surge of 93 percent in revenue to over $6.3 million this year.

The Covid-19 situation is set to remain complicated, the company stated, and to scale down the loss it plans to attract more players domestically and internationally while cutting down costs.

RIC will also develop two new five-star hotel projects this year. The board in February approved to borrow VND200 billion ($8.75 million) from HDBank over 36 months to fund its projects.

Since 2016, RIC recorded profit in only one year, 2018. The company blamed "luck" and more casinos being built in Cambodia, the Philippines and Myanmar, which lowered the number of players in Vietnam.

RIC saw revenue from casinos plunging 58 percent from 2020 to $1.2 million last year, while only 30 percent of its villas and 12 percent of hotel rooms were occupied.

The Ho Chi Minh Stock Exchange (HoSE) earlier this year warned that RIC could be delisted from its bourse if it posted a loss for 2021.

But it has refrained from announcing a punishment now that the company has made public its loss.

The ticker RIC has moved sideways for 12 months after surging 9.6 times in the first two months of last year before plunging 34 percent.

 
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