Sunday , June 23 2024

Casino posts 11th consecutive quarterly loss

Royal International Corporation (RIC), operator of a casino in the northern province of Quang Ninh, reported its 11th straight quarterly loss in the second quarter.

But it was also RIC’s best quarter in nearly three years, with the loss of VND457 million (US$19,525) representing a fraction of the VND18.4 billion it had lost in the same period last year.

Revenues nearly doubled from last year to VND41.5 billion as visitors started returning post-Covid.

This year the company hopes to end a three-year losing streak with profits of $500,000. It has reached a third of the target in the first six months.

RIC, which has a charter capital of $22 million, was delisted from the Ho Chi Minh Stock Exchange in May due to consecutive 3-year losses.

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