• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Asia Pioneer warns Apac casino closures could hurt its biz

Apr 07, 2020 Newsdesk Industry Talk, Latest News, Philippines, Rest of Asia  


Asia Pioneer warns Apac casino closures could hurt its biz

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd says it expects the novel coronavirus pandemic to have a “material adverse impact” on the group’s financial performance and interim results of the group for the six months to June 30.

The group’s interests include Asia Pioneer Entertainment Ltd (APE), a Macau-based distribution, sales and servicing business for casino slot machines and electronic table games. The unit has business across the Asia-Pacific (Apac) region, and is also involved in leasing and consultancy work.

The parent firm noted in its Monday filing that two markets where it has interests – the Philippines and Cambodia – had respectively announced recently temporary suspension of casino operations as part of their efforts to prevent the further spread of the Covid-19 infection associated with the coronavirus.

The group identified potential issues regarding two business deals involving the APE unit. One was a finance lease agreement with Glimex Inc in December 2018 concerning leasing of certain electronic gaming equipment “for use at a casino in the Philippines”. The other was a finance lease agreement with Siam Star Leisure Co Ltd and Glimex, also dated to December 2018 regarding leasing of electronic gaming equipment “for use at a casino in Cambodia”.

In view of the pandemic and the casino suspensions in those countries, the directors of the Asia Pioneer Entertainment group considered that the “lessees may have difficulties in paying the lease rental in an aggregate amount of approximately HKD2.3 million (nearly US$300,000) in accordance with the payment schedules set out in the respective finance lease agreements,” said the filing.

The announcement added the group would “monitor closely the situation and will keep the shareholders and potential investors of the company informed”.

The parent had flagged in its 2019 annual report in late March that it expected its 2020 revenue from sales of electronic gaming equipment to be negatively affected – in common with the wider industry – by the novel coronavirus emergency. But the group had pledged to continue expanding its existing consulting services and its electronic gaming equipment leasing segment for the year ahead.


  • tweet
Related articles
  • Novomatic restructures sales, production departments
    Novomatic restructures sales,...

    Feb 18, 2021  

  • Success Dragon 1H revenue grows despite gaming dip
    Success Dragon 1H revenue grows...

    Dec 01, 2020  

More news
  • LVS plans to keep U.S. base, stock listing: spokesman
    LVS plans to keep U.S. base, stock...

    Mar 04, 2021  

  • Pansy Ho again cuts stake in MGM Resorts, for US$57mln
    Pansy Ho again cuts stake in MGM...

    Mar 04, 2021  


Latest News

LVS plans to keep U.S. base, stock listing: spokesman

LVS plans to keep U.S. base, stock listing: spokesman

Mar 04, 2021  

Casino group Las Vegas Sands Corp intends to keep its headquarters and its current stock listing in the United States, a spokesman told GGRAsia in response to our enquiry. “The company plans to...
Read More
Pansy Ho again cuts stake in MGM Resorts, for US$57mln

Pansy Ho again cuts stake in MGM Resorts, for US$57mln

Mar 04, 2021  

Nevada sell-off by LVS may aid dividend return: Bernstein

Nevada sell-off by LVS may aid dividend return: Bernstein

Mar 04, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Asia remains the backbone of this company and our developments in Macau and Singapore are the centre of our attention”

Robert Goldstein

Chairman and chief executive of casino operator Las Vegas Sands



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Galaxy Macau to add Raffles-branded hotel towerGalaxy Macau to add Raffles-branded hotel tower March 1, 2021
  • Covid-19 test cert no longer needed for Macau casino entryCovid-19 test cert no longer needed for Macau casino entry March 2, 2021
  • Macau casino GGR down 9pct m-o-m in February: govtMacau casino GGR down 9pct m-o-m in February: govt March 1, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us