Financial reports from Royal International Corporation (RIC) show the company incurred an after-tax loss of over 9 billion VND in Q2. In contrast, during the same period last year, RIC recorded a profit of over 10 billion VND.

Management explained that in Q2, the company implemented various measures to improve business results, stabilize its existing customer base, boost revenue, and attract new customers. However, revenue during the period, particularly from the international club division, which operates the Royal Ha Long casino, sharply declined and was insufficient to cover costs, leading to the operational loss.

RIC's total revenue was nearly 32,8 billion VND, a 30% decrease year-on-year. While accommodation, food and beverage services, and other segments recorded growth, gaming services, which account for the highest proportion of revenue, nearly halved to 17 billion VND.

According to management, one of the main reasons for the decline was the impact of the 2026 World Cup. The event, which took place in Q2, attracted global entertainment spending, causing high-end customers to divert their budgets and significantly reduce their frequency of visits, directly impacting the casino's revenue.

Additionally, rising global fuel prices due to ongoing conflicts have led to expensive airfares, hindering international tourist flow. Seasonal factors also played a role, as Q2 is typically a low season for international tourism in Ha Long, especially for cruise ship passengers. Furthermore, the company noted that several high-stakes players had continuous wins during this period, which further reduced the division's revenue.

This year, RIC planned to achieve nearly 7,6 million USD (approximately 200 billion VND) in revenue and an after-tax profit of nearly 510,000 USD (approximately 13,5 billion VND). After six months, the company has only completed 38% of its revenue target and remains far from its profit plan.

Inside the casino owned by Royal International Corporation. Photo: RIC

Royal International Corporation 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. Eight years later, the company increased its capital to 22 million USD (over 554 billion VND) and was granted a license to operate gaming services for foreigners. RIC currently operates a casino, hotel, and villas in Ha Long, Quang Ninh.

The company was listed on the Ho Chi Minh City Stock Exchange (HoSE) in 2007. In 5/2022, RIC shares were mandatorily delisted from HoSE due to three consecutive years of losses and subsequently moved to the UPCoM trading platform.

At the close of trading on 22/7, the company's share price reached 6,800 VND per unit, a decrease of approximately 44% since the beginning of the year. RIC's liquidity has consistently been low, with sporadic trading and some sessions seeing no shares traded.

From 2016 to the present, the Ha Long casino owner only recorded profits in 2018 and 2025. According to RIC's leadership, due to the unique nature of its business, wins and losses are entirely dependent on luck. Additionally, neighboring countries such as Cambodia, the Philippines, and Myanmar also have casinos, which fragments the customer base and dilutes market share.

Tat Dat