Casino operator targets ending losing streak
Royal International Corporation, which operates a casino in the northern Quang Ninh Province, has set itself a profit target of $500,000 this year after two years of losses.
Royal Halong Casino in the northern province of Quang Ninh. Photo courtesy of Royal International Corporation (RIC
It seeks to double revenues to $10.3 million, $5.8 million from the casino and the rest come from its hotel and villas.
The corporation will continue with last year’s business strategy of targeting foreigners working in Vietnam who are unable to return to their home country due to the Covid-19 pandemic.
It plans to cut costs and adopt a flexible pricing strategy to attract Vietnamese customers once the pandemic passes.
It posted a VND82 billion ($4.3 million) loss last year, and said casinos are a unique business that rely on chance but also pointed to the increasing number of casinos in the north, which cut into its revenues.
RIC, which has a charter capital of $22 million, is listed on the Ho Chi Minh Stock Exchange.