Casino operator RIC posts $2.3 mln loss

Royal International Corporation (RIC), which operates the largest casino in Quang Ninh Province, posted a loss of VND54 billion ($2.3 million) in the first half.

The second quarter was the third consecutive quarter the HCMC Stock Exchange-listed company had reported a loss. Its accumulated loss by the end of June totaled VND282 billion ($12.2 million).

Revenue in the first half fell 38 percent year-on-year to VND49 billion ($2.1 million) as its hotel and casino complex in travel hotspot Ha Long Town was closed most of April due to the coronavirus pandemic.

The company has been cutting down staff and salaries in recent months to reduce costs. In the first six months, its employee numbers fell by 334 to 1,059. It had earlier forecast revenues of VND294 billion ($12.7 million) this year, of which 64 percent would be drawn from the casino and 36 percent from hospitality. Last year Royal International Corporation had posted a loss of VND72 billion ($3.1 million), blaming it on the increasing number of casinos in Ha Long.