Hong Kong-listed casino investor International Entertainment Corp reported a loss attributable to its owners of HKD95.0 million (US$12.2 million) for the six months to December 31. In May last year, the company took over the casino operations at the New Coast Hotel Manila property (pictured) in the Philippine capital.
The firm recorded revenue of HKD267.6 million in its fiscal first half, up 154.6 percent from the prior-year period, according to a Thursday filing.
The group’s revenue from the gaming operation in the July to December period increased to HKD240.0 million, up 237.9 percent from a year earlier.
The group’s cost of sales during the reporting period rose by 148.5 percent year-on-year, to just over HKD94.7 million. The company also had to pay a gaming tax and licensing fee of HKD81.9 million in the six months to December 31.
General and administrative expenses rose by 87.2 percent year-on-year, to HKD150.6 million. “This was mainly due to the increased operational costs incurred during the period for taking over of the casino operation,” stated the company.
Staff costs for the reporting period were approximately HKD75.6 million, representing an increase of 135.3 percent from a year ago, “due to the recruitment of additional staff … to operate and manage the casino,” added the firm.
In February the firm said one of its subsidiaries had signed an agreement worth PHP1.47 billion (US$25.4 million) for the renovation of the group’s New Coast Hotel Manila
The Hong Kong-listed firm reported a loss attributable to its owners of just under HKD132.0 million for the 12 months to June 30, 2024.
