Royal International Joint Stock Company (RIC) is the largest casino owner in Quang Ninh, and it is determined to turn a profit of over 1.2 million USD after five years of operating losses. The company’s shareholder meeting documents revealed plans for total revenue of approximately 6.4 million USD, an increase of 39% from the previous year. RIC expects to achieve a post-tax profit of more than 1.2 million USD, which would be the highest in eight years and mark a return to positive profits after a period of losses.
The board of directors at RIC attributes these positive signs to the growth in the tourism industry this year, which they believe will benefit Quang Ninh’s tourism and related service sectors. To increase business, RIC plans to actively seek out and attract tourists by partnering with airlines and travel companies. Additionally, the company intends to utilize its commercial spaces within the hotel to boost revenue and improve cost control.
Established in 1994 with a charter capital of 15 million USD, Royal International Company initially focused on building and operating luxury hotels in Ha Long. Over time, the company expanded its operations and obtained a license to operate prize-winning games for foreigners. Today, RIC operates a casino, hotel, and villa in Bai Chay, Ha Long, Quang Ninh.
Despite facing challenges such as delisting from the Ho Chi Minh City Stock Exchange and accumulating losses over time, RIC remains optimistic about future profitability. With fluctuations in the market and competition from neighboring countries with more casinos, RIC remains committed to securing sustainable profits.
By now, RIC has suffered losses totaling over 548 billion VND by the end of 2023 while reducing its employee numbers significantly due to setbacks such as delisting from the stock exchange and accumulating losses.
Nevertheless, RIC is resolute in turning around its financial performance and achieving its targets for future success.
