Macau satellite casino promoter Emperor Entertainment Hotel Ltd reported an interim loss attributable to its owners of HKD177.9 million (US$22.9 million) for the six months to September 30. The figure compared with a net profit of HKD11.8 million in the prior-year period.
Revenue for the latest reporting period rose by 9.7 percent year-on-year, to HKD407.9 million, stated the company in a Friday filing to the Hong Kong Stock Exchange.
Emperor Entertainment said the interim loss was due to “a fair value loss on investment properties of HKD263.9 million” during the reporting period, compared with a “fair value gain of HKD1.4 million” a year earlier
The firm runs casino venue the Grand Emperor Hotel (pictured) in downtown Macau. The casino is promoted under the licence of gaming concessionaire SJM Holdings Ltd.
Emperor Entertainment operates a second hotel in Macau, called Inn Hotel, but that property does not have gaming facilities. The group also has hotel operations and serviced-apartment business in Hong Kong.
Emperor Entertainment’s adjusted segmental earnings before interest, taxation, depreciation, and amortisation were HKD99.5 million in the six months to September 30, most of it from Macau operations. Such segmental EBITDA was up 22.8 percent from a year earlier.
Gaming revenue rose by 17.3 percent year-on-year, to HKD253.0 million. Hotel revenue – including from Hong Kong operations – for the period was HKD129.1 million, down 3.1 percent from a year ago.
In May, Emperor Entertainment said that one of its offshore units was to acquire a 25-storey building in the Central district of Hong Kong from a connected company, for a total consideration of HKD655.2 million.
