The Taiwan-backed operator of Vietnam's biggest casino, Royal International Corp (RIC), may beat its profit target this year as it taps into the country's booming tourist industry by opening a Sheraton hotel in Halong Bay.
The company, which was floated on the Ho Chi Minh Stock Exchange <.VNI> last month, said it expects to post a net profit of $10 million for the whole of 2007, more than triple last year's figure of $2.9 million.
RIC's plan to open a 200-room Sheraton hotel, the first five-star accommodation in UNESCO-recognised Halong Bay, in October, may help it beat this target, which was set late last year.
"When we set the profit and revenue target for 2007 we did not count the revenues from Sheraton hotel so it is possible that the actual revenues and profit for 2007 would be higher than the target," Royal International Corp's Equity Department head Tran Trong Nghia said.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Recent government figures in the first seven months of this year soared 27.5 percent to 1.54 million people compared to the same period last year.
Casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
The company posted a net profit of $4.5 million in the first half, eight times higher than the same period last year, the company said on Tuesday.
Shares in RIC rose 1.44 percent to close at 141,000 dong ($8.7) each on Tuesday, valuing the firm at about $309 million.
RIC, 63-percent-owned by Taiwanese investors, is the only casino operator listed on communist-ruled Vietnam's stock market which now has more than 110 companies.
Source: Reuters
Showing posts with label RIC. Show all posts
Showing posts with label RIC. Show all posts
Tuesday, August 14, 2007
Tuesday, August 07, 2007
Vietnam gamblers arrested at foreigners-only casino
Twenty-eight Vietnamese nationals were arrested for illegal gambling after a police raid on a foreigners-only casino, officials and state media said on Monday.
Royal International Corp, operator of the Casino Hoang Gia (RIC), said that guards had taken bribes from locals to let them play there.
The communist-run country allows foreigners to play in local casinos to attract tourists, mainly Chinese and Koreans. Vietnamese citizens face up to seven years in jail for illegal gambling.
"The guards who let the Vietnamese play will be punished according to the law, but the casino is still open as usual," said a Royal International Corp official.
Taiwan-invested Royal International Corp became the country's only listed casino last Tuesday when it floated its shares on the main board Ho Chi Minh Stock Exchange.
Shares of the company were trading down 4.43 percent at 151,000 dong ($9.4) each at 0217 GMT on Monday.
Source: Reuters
Royal International Corp, operator of the Casino Hoang Gia (RIC), said that guards had taken bribes from locals to let them play there.
The communist-run country allows foreigners to play in local casinos to attract tourists, mainly Chinese and Koreans. Vietnamese citizens face up to seven years in jail for illegal gambling.
"The guards who let the Vietnamese play will be punished according to the law, but the casino is still open as usual," said a Royal International Corp official.
Taiwan-invested Royal International Corp became the country's only listed casino last Tuesday when it floated its shares on the main board Ho Chi Minh Stock Exchange.
Shares of the company were trading down 4.43 percent at 151,000 dong ($9.4) each at 0217 GMT on Monday.
Source: Reuters
Wednesday, August 01, 2007
Gambling provider makes debut on southern exchange
The Hoang Gia International Joint Stock Company – one of three businesses providing prize-winning electronic gaming for foreigners in Viet Nam – made its debut at the Ho Chi Minh City Securities Trading Centre, on July 31.
Some 29,000 shares of the company, coded RIC, were traded at a price of 174,000 VND per share at its debut trading session.
Hoang Gia, transformed from a foreign joint venture, has a statutory capital of 332 billion VND (around 21 million USD). The company has also been permitted to exploit more than 20 ha of land and 1,500 m of Ha Long Bay's scenic coastline.
Source: VNA
Some 29,000 shares of the company, coded RIC, were traded at a price of 174,000 VND per share at its debut trading session.
Hoang Gia, transformed from a foreign joint venture, has a statutory capital of 332 billion VND (around 21 million USD). The company has also been permitted to exploit more than 20 ha of land and 1,500 m of Ha Long Bay's scenic coastline.
Source: VNA
Tuesday, July 24, 2007
Taiwan-backed Vietnam casino to IPO by month end
The Taiwan-backed operator of Vietnam's biggest casino said it will list its shares on the Ho Chi Minh Stock Exchange, raising more than US$100 million, by the end of July, slightly earlier than expected. Royal International Corp (RIC), which runs the casino in Ha Long Bay, will list 8,589,119 shares, or 24.28 percent of the company, on July 31 at an initial price of VND200,000 ($12.4), RIC's Equity Department head Tran Trong Nghia said Tuesday.
The pricing valued the whole company at $438.6 million.
Investors can trade RIC shares within a 20 percent band on their debut date, according to the market rules.
Earlier this month, the company said a paperwork hitch in its listing application would the delay the initial public offering until the first week of August.
RIC, 63-percent-owned by Taiwanese investors, will be the only casino operator listed on Vietnam's stock market which now has more than 100 companies.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
But casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
So far only two entertainment firms, Phuong Nam and Alta, are listed on the Ho Chi Minh exchange along with one hotel operator, Saigon Hotel.
RIC also operates 130 luxury villas in the UNESCO-Heritage Ha Long Bay, and it has contracts with US hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Ha Long city.
RIC aims to double its 2007 net profit to $10 million from sales of $20 million, up from last year's earnings of $5 million.
Earlier this month Nghia told Reuters that RIC has asked for government permission to invest $300 million in an international airport in Van Don, near Ha Ong Bay in exchange for 1,500 hectares of oceanfront land for other casino and hotel projects.
Foreign investment in Vietnam's burgeoning tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Source: Thanh Nien
The pricing valued the whole company at $438.6 million.
Investors can trade RIC shares within a 20 percent band on their debut date, according to the market rules.
Earlier this month, the company said a paperwork hitch in its listing application would the delay the initial public offering until the first week of August.
RIC, 63-percent-owned by Taiwanese investors, will be the only casino operator listed on Vietnam's stock market which now has more than 100 companies.
The Southeast Asian country is encouraging investors to build high-end hotels, resorts, and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
But casinos are only allowed to cater to foreign tourists as gambling is banned in Vietnam.
So far only two entertainment firms, Phuong Nam and Alta, are listed on the Ho Chi Minh exchange along with one hotel operator, Saigon Hotel.
RIC also operates 130 luxury villas in the UNESCO-Heritage Ha Long Bay, and it has contracts with US hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Ha Long city.
RIC aims to double its 2007 net profit to $10 million from sales of $20 million, up from last year's earnings of $5 million.
Earlier this month Nghia told Reuters that RIC has asked for government permission to invest $300 million in an international airport in Van Don, near Ha Ong Bay in exchange for 1,500 hectares of oceanfront land for other casino and hotel projects.
Foreign investment in Vietnam's burgeoning tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Source: Thanh Nien
Friday, July 20, 2007
Casino delays IPO to August
The Taiwan-backed operator of Vietnam's biggest casino said on Thursday it had delayed its initial public offering to next month due to procedural problems in its application to list on the Ho Chi Minh Stock Exchange.
Royal International Corp, which runs the casino in Halong Bay, had applied to sell 8 million shares, or about 23 percent of the company, on the exchange on July 20 to raise about $100 million for expansion.
"We had some problems with the listing paperwork, but that has been resolved now and we should receive our IPO and listing licence early next week," Tran Trong Nghia, head of the equity department, told Reuters.
The new schedule for the IPO and listing should be the first week of August," Nghia added.
The firm has said it expected the shares to sell for about 200,000 dong ($12.4) each in the IPO, or 20 times their face value of 10,000 dong.
The company, which also operates 130 luxury villas in the UNESCO-Heritage Halong Bay, has contracts with U.S. hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Halong City.
Vietnam is encouraging investors to build high-end hotels, resorts and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Foreign investment in the tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Casinos in Vietnam are allowed to cater only to foreign tourists as gambling is banned.
Source: Reuters
Royal International Corp, which runs the casino in Halong Bay, had applied to sell 8 million shares, or about 23 percent of the company, on the exchange on July 20 to raise about $100 million for expansion.
"We had some problems with the listing paperwork, but that has been resolved now and we should receive our IPO and listing licence early next week," Tran Trong Nghia, head of the equity department, told Reuters.
The new schedule for the IPO and listing should be the first week of August," Nghia added.
The firm has said it expected the shares to sell for about 200,000 dong ($12.4) each in the IPO, or 20 times their face value of 10,000 dong.
The company, which also operates 130 luxury villas in the UNESCO-Heritage Halong Bay, has contracts with U.S. hotel operator Starwood Hotels & Resorts to manage two newly built hotels in Halong City.
Vietnam is encouraging investors to build high-end hotels, resorts and golf courses to help sustain a boom in tourism, particularly from South Korea and China.
Foreign investment in the tourism sector has reached around $700 million so far this year, mostly in hotels and golf courses.
Casinos in Vietnam are allowed to cater only to foreign tourists as gambling is banned.
Source: Reuters
Friday, July 13, 2007
Taiwan-backed casino to raise $100 mln in Vietnam IPO
The Taiwan-backed Royal International Corp, operator of Vietnam's biggest casino Halong Casino, aims to raise about $100 million from its debut listing on July 20, a company official said on Thursday.
"Our expectation is that the shares would be traded on Ho Chi Minh Stock Exchange at about 200,000 dong ($12.4) each on the first day of trading," Tran Trong Nghia, the company's head of equitisation, told Reuters.
He said the 8 million shares to be listed have a face value of 10,000 dong each ($0.63) and account for nearly 23 percent of the firm's total stake.
Source: Reuters
"Our expectation is that the shares would be traded on Ho Chi Minh Stock Exchange at about 200,000 dong ($12.4) each on the first day of trading," Tran Trong Nghia, the company's head of equitisation, told Reuters.
He said the 8 million shares to be listed have a face value of 10,000 dong each ($0.63) and account for nearly 23 percent of the firm's total stake.
Source: Reuters
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