• 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

Century Casinos 2018 Vietnam loss capped at US$3.6mln

Mar 12, 2019 Newsdesk Latest News, Rest of Asia, Top of the deck  


Century Casinos 2018 Vietnam loss capped at US$3.6mln

Century Casinos Inc says its financial-year 2018 exposure to losses from its venture in Vietnam is limited to no more than US$3.6 million. The United States-based casino, gaming and entertainment company announced in April an interest in a firm with certain rights to a gaming operation on Vietnam’s northern border with mainland China.

Century Casinos is a part-owner of a gaming club – consisting of nine electronic table games – that is 100 metres (circa 300 feet) from a point where mainland China territory abuts Vietnam’s northern Cao Bang province.

In its full-year 2018 financial report filed with Nasdaq on Monday, Century Casinos said the aggregate of its capped Vietnam loss up to year ending December 31 related to a commitment to buy a share in Vietnamese company Minh Chau Ltd by April 2021. A Century Casinos Austrian subsidiary, Century Resorts Management GmbH, controls 51 percent of Golden Hospitality Ltd of Hong Kong.

Golden Hospitality says it will buy 51 percent of Minh Chau by April 2021 – for about US$3.57 million – but owned 9.21 percent of the company as at October last year.

It is Minh Chau that runs the gaming machine club at a 32-room hotel in Ta Lung, on the Sino-Vietnamese border, which is convenient for Chinese visitors, who are prohibited from gambling in mainland China. Vietnamese nationals cannot enter the gaming facility. The facility is about four hours by car from the capital of Guangxi province, Nanning.

Golden Hospitality manages the facility in exchange for a fee from Minh Chau – equivalent to 26 percent of the company’s net profit – and has an option to buy another 19 percent of the Vietnamese company to take its ownership to 70 percent. The facility has a provincial investment certificate that allows for up to 26 electronic table games.

The Century Casinos annual report stated: “The company excluded the presentation of Minh Chau’s financial information upon the company’s determination that Minh Chau’s financial results are not significant compared to the company’s consolidated results.”

In a telephone conference call with investment analysts on Monday, Century Casinos’ vice-chairman and co-chief executive Peter Hoetzinger said: “Vietnam is developing as planned, step-by-step, on a small scale for now.”

Asked about potential expansion, Century Casinos chairman and co-chief executive Erwin Haitzmann stated there would be no growth in relation to Vietnam before the end of this year. “We are investing some small amounts and upgrading the existing facility,” Mr Haitzmann said. “And then we want… at least until the end of summer or toward the end of the year… to watch how… what kind of an impact that has, then make a decision.”

Last year, Brokerage Union Gaming Securities LLC said in a research note that Century Casinos said it would “like to expand to Asia, which is where investor expectations are”.

At the time, analyst John DeCree told GGRAsia via email that: “Century has a history of partnering with local entities (i.e.- in Poland and in Canada) and pursuing growth opportunities via joint ventures, initially to de-risk the project or acquisition.”


  • tweet
Related articles
  • Suncity listco books 2020 profit, but flags Hoiana drag
    Suncity listco books 2020 profit, but...

    Mar 30, 2021  

  • Local play key for Vietnam casino resort future: experts
    Local play key for Vietnam casino...

    Mar 18, 2021  

More news
  • Macau casino 1Q EBITDA softer sequentially: MS
    Macau casino 1Q EBITDA softer...

    Apr 12, 2021  

  • Mohegan to cut debt/EBITDA soon says Moody’s
    Mohegan to cut debt/EBITDA soon says...

    Apr 12, 2021  


Latest News

Macau casino 1Q EBITDA softer sequentially: MS

Macau casino 1Q EBITDA softer sequentially: MS

Apr 12, 2021  

Banking group Morgan Stanley expects Macau casino industry earnings before interest, taxation, depreciation and amortisation (EBITDA) to have fallen sequentially in the first quarter, despite an...
Read More
Mohegan to cut debt/EBITDA soon says Moody’s

Mohegan to cut debt/EBITDA soon says Moody’s

Apr 12, 2021  

Philippines needs AML reform on casino biz: IMF

Philippines needs AML reform on casino biz: IMF

Apr 12, 2021  

Manila quarantine easing to April 30, casinos shut for now

Manila quarantine easing to April 30, casinos shut for now

Apr 12, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day


150

Total number of gaming tables to be in operation at the expanded Jeju Lotte Tour Casino in South Korea



Most Popular

  • GEN Malaysia may deleverage within 2 years says FitchGEN Malaysia may deleverage within 2 years says Fitch April 7, 2021
  • Moody’s expects MGM, Wynn to pursue large IR development Moody’s expects MGM, Wynn to pursue large IR development  April 8, 2021
  • Macau daily visit volume down 17pct m-o-m for April 2 to 6Macau daily visit volume down 17pct m-o-m for April 2 to 6 April 8, 2021
  • Macau, mainland bust gambler-targeted money scam ringMacau, mainland bust gambler-targeted money scam ring April 8, 2021
  • China probed 17,000-plus cross-border gambling casesChina probed 17,000-plus cross-border gambling cases April 9, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us