The only casino on the stock exchange continues its losing streak

Royal International Joint Stock Company (stock code RIC) announced its financial report for the third quarter of 2024 with revenue of more than VND 32.6 billion, up 6% over the same period last year. However, the largest casino operator in Quang Ninh, currently trading on the stock exchange, continued to lose more than VND 5.7 billion.

The owner of the only casino on the stock exchange is sinking into losses.

Although revenue increased in the last quarter, costs remained high, preventing RIC from escaping losses. According to the company's explanation, the third quarter of 2024 is the peak season for the service and tourism industry after a long period of "freezing", helping revenue grow. On the other hand, the management has sought every measure to stabilize the customer base to generate more revenue. Regarding fixed costs, financial costs increased slightly, while sales and business management costs have been significantly reduced. The company said it has cut costs on salaries, maintenance, repairs, consumables and raw materials. The management said it has actively sought every measure to increase revenue and reduce costs as much as possible, but it is still not enough to compensate.

Thus, RIC has had more than 5 years of continuous losses. The company's total accumulated loss as of the end of September was nearly 570 billion VND, higher than its equity of nearly 547 billion VND.

This company has been listed on the Ho Chi Minh City Stock Exchange (HOSE) since 2007. By May 2022, RIC shares were forced to be delisted from HOSE due to three consecutive years of losses, and had to be transferred to the UPCoM exchange. This stock is currently restricted from trading by the Hanoi Stock Exchange (HNX) (only allowed to trade on Fridays every week) due to late submission of audited semi-annual financial reports for 2024. RIC code is currently priced at VND3,600/share, down 12% compared to the beginning of the year and has been almost illiquid for many consecutive sessions.

Royal International Company was established in 1994 with a charter capital of 15 million USD (nearly 378 billion VND), aiming to build and operate a 5-star hotel in Ha Long. The company later increased its capital to 22 million USD (over 554 billion VND) and was granted a license to operate prize-winning games for foreigners. 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...

Source: https://thanhnien.vn/casino-duy-nhat-tren-san-chung-khoan-noi-dai-chuoi-thua-lo-185241025085137712.htm