The casino in Halong City. Photo by Quang Ninh Police.
In its newly-released financial report, RIC said that the VND18 billion-loss showed a sharp fall compared to the loss of VND24 billion reported during the same period of 2022.
The company recorded revenues of nearly VND24.80 billion during the period, an increase of 21 percent compared to the same period of 2022. However, revenue for the whole year stood at VND 111 billion, a 5 percent fall on-year. It only fulfilled 45 percent of its revenue target for 2023.
RIC said that it faced total losses of nearly VND73 billion in 2023, an increase of 20 percent on-year.
According to RIC's deputy director, Tran Thi Hong Lieu, the tourism industry faced a difficult year in 2023 as a result of the economic downturn. Moreover, China applied restrictions on their tourists, resulting in the shortage of Chinese customers.
RIC also said that the increasing number of casinos in Cambodia, the Philippines and Myanmar had increased competition in the region.
RIC laid off 80 staff in 2023 and now has 455 workers.
The company expects tourism to recover soon.
RIC was established in 1994 with charter capital of USD15 million as a hotel operator, and eight years later received permits to operate a casino for foreigners.
Since 2016, the company has only posted a profit once, in 2018.
