Every day, Ha Long casino pockets nearly 307 million but still suffers heavy losses.

Royal International Corporation (stock code RIC) - the owner of Royal Ha Long casino - continued to suffer heavy losses in the fourth quarter of 2023 with a net loss of more than VND 18 billion, marking the 17th consecutive quarter of losses. In other words, RIC has had 5 consecutive years of operating losses.

Specifically, RIC's net revenue in the fourth quarter of 2023 was nearly VND25 billion, up 21% over the same period in 2022, coming from two activities: club - casino (accounting for 56%) and hotel - villa (accounting for 44%). However, although the company reduced sales costs and business management costs, it still suffered a net loss of more than VND18 billion. Accumulated for the whole year of 2023, RIC's net revenue decreased by 5% to nearly VND112 billion and lost nearly VND73 billion, marking 5 consecutive years of losses. Thus, although the company pocketed nearly VND307 million each day, it still suffered a loss.

Mỗi ngày bỏ túi gần 307 triệu nhưng casino Hạ Long vẫn lỗ nặng- Ảnh 1. — Royal Ha Long casino owner reports loss for 5th consecutive year

This brings the company's total accumulated loss to more than VND548 billion. According to the explanation, the company said that the economic situation in 2023 in general and the tourism market in particular after the Covid-19 pandemic are still facing many difficulties, with domestic people limiting travel. In addition, until the fourth quarter of 2023, China - a market that contributes a large number of international visitors to RIC, but the number of visitors still decreased sharply. As of December 31, 2023, RIC had outstanding loans of more than VND181 billion (accounting for 20%), an increase of 15% compared to the beginning of the year.

Continuous losses are also the main reason why RIC shares were delisted from HOSE from May 13, 2022, to switch to trading on UPCoM from May 26, 2022. Currently, RIC shares are only 4,000 VND, down nearly 60% compared to the beginning of 2023.

RIC is known as the investor of the Royal Hotel and Villas (Ha Long City); Royal Casino includes 4 types of games and 70 slot machines. In 2023, the company also changed the Chairman of the Board of Directors and some members of the Board of Directors for personal reasons...

Source link