Vietnam’s Royal Casino posts US$2.6m loss for 2022
Revenues were up 60 per cent year-on-year bur remain down on 2020.
Vietnam.- Royal International Corporation (RIC) has shared its financial results for full-year 2022. It posted a VND61bn (US$2.6m) financial loss, making 2022 the fourth consecutive of losses.
Its casino lost VND62bn, but this was partly offset by marginal profits from hotel and resort operations. Revenue was up 60 per cent year-on-year, at VND119bn (US$5.087m) but down from VND125bn (US$5.579m) in 2020.
In the last decade, the company has only reported profits in two years: 2015 and 2018. Last May, the company’s shares were delisted from the Ho Chi Minh Stock Exchange, signalling further challenges.
One of the main issues has been rising expenses. Last year, expenses were up 1.5 times, largely due to rising loan interest. Despite this, the company saw a significant increase in revenues from financial activities, which rose 4.5 times thanks to exchange rate gains. Royal International also laid off nearly 100 employees.
Royal Casino is located in the northern province of Quang Ninh. Last year, Quang Ninh received 11.6 million domestic and foreign visitors, an increase of 165 per cent from 2021. However, international arrivals were only 300,000, compared to 5.7 million in 2019.
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