Emperor Entertainment Hotel Ltd, owner and operator of Macau casino property Grand Emperor Hotel (pictured), said it expects to record a “significant decrease” in consolidated net profit for the six months ended September 30, 2015, compared to the prior-year period.
The decline is attributable to “a net loss on the hotel property valuation due to the downturn of the Macau property market,” the company said in a filing to the Hong Kong Stock Exchange on Friday. The net loss “is a non-cash item and will not have a direct impact on the operation of the group,” the firm added.
Emperor Entertainment additionally said it expects to report a “moderate decline” in revenue for the period, as well as an “exchange loss on offshore traded renminibi deposits … due to abrupt devaluation of renminbi in August”.
Hong Kong-listed Emperor Entertainment reported a net profit of HKD263.72 million (US$34 million) for the fiscal first half of 2014, according to previous filings.
The casino at the Grand Emperor Hotel operates under a licence from Macau gaming firm SJM Holdings Ltd. The 307-room hotel had 67 gaming tables and 200 slot machine seats on the main casino concourse and a self-managed VIP room with 10 tables, according to its latest annual report published in June.
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Jun 25, 2018Electronic casino game distributor Asia Pioneer...
Aug 17, 2018Nearly 900 employees of MGM China Holdings Ltd graduated this week from training programmes put on by the Macau casino operator. A MGM China press release said the company held a graduation ceremony...
Aug 17, 2018
Aug 17, 2018
"The ICAC in Hong Kong has the authority to detain people or to arrest people. But being detained or arrested – and actually being charged – are completely different things"
Japanese gaming entrepreneur