May 17, 2016 Newsdesk Latest News, Rest of Asia, Top of the deck  
Hong Kong-listed China Vanguard Group Ltd, a company providing services to the mainland China lottery market, posted a loss attributable to shareholders of HKD24.93 million (US$3.21 million) for the three months ended March 31. That compares to a profit of HKD16.15 million in the prior-year period, the firm said in a filing on Friday.
China Vanguard reported revenue of HKD4.34 million for the three-month period, down 92 percent from a year earlier.
Mainland China’s total sales of official lottery products fell by 13.9 percent year-on-year to approximately RMB55.1 billion for the first two months this year, the latest available data from the country’s Ministry of Finance shows.
The substantial decline in China Vanuard’s reported revenue was due to the voluntary suspension of part of its self-service lottery operations, the company explained in its filing.
“On the eve of an official policy framework from the central government that would allow… online distribution… most lottery administrative offices have opted to adhere to the strictest guidelines according to the latest official commentaries [namely]… the traditional approach through the over-the-counter paper lottery ticket distribution,” China Vanguard stated.
The suspension of online lottery sales in mainland China was confirmed in April last year and described at the time as “temporary”. Reasons given were the need to streamline government supervision and to curb fraud by unlicensed sellers.
But a report published by Chinese business newspaper The Economic Observer last month said the Chinese authorities were mulling partially lifting the current ban on online lottery sales. The news outlet cited a source for the information, but didn’t name the source. Its report also stated that Chinese officials planned to launch pilot programmes later this year to resume online lottery sales.
In the Friday filing, China Vanguard said its management has been “closely working with the regulatory authorities in seeking for clarity in future self-service lottery business development”.
China Vanguard’s unaudited consolidated revenue for the nine months ended March 31 was HKD25.5 million, a decrease of 79.2 percent against the prior-year period, when it was HKD122.4 million.
“The decrease in revenue was due to the significant decline in revenue from our self-service lottery business and no contribution from property related business during the period,” said the company in its latest filing to the Hong Kong Stock Exchange.
The company added that during the reporting period it had provided lottery-related services in 21 Chinese provinces and regions.
Feb 18, 2020
Jan 06, 2020
Jun 02, 2023
Jun 02, 2023
Jun 02, 2023
Genting Singapore Ltd says Lam Yi Young has resigned from his role as deputy chief executive of Resorts World at Sentosa Pte Ltd. The latter firm is an indirect wholly owned subsidiary of Genting...Jun 01, 2023
Alfastreet, a manufacturer of electronic gaming machines,...Jun 01, 2023
Casino equipment maker Sega Sammy Creation Inc is tweaking...Jun 01, 2023
The iGaming segment in Asia “has grown rapidly” since...May 31, 2023
Showing slot machine players – via animations on the...May 31, 2023
Macau stocks in likelihood “have been punished too much...May 31, 2023
There are foreign companies still interested in investing...May 31, 2023
Thailand could pass the necessary enabling legislation for...May 30, 2023
China will remain a key market for Asian gaming...May 30, 2023
Alejandro Tengco (pictured in a file photo), chairman and...May 30, 2023
There are “plenty of reasons” for the global gaming...May 30, 2023
Gaming equipment provider International Game Technology Plc...May 30, 2023
The Global Gaming Expo (G2E) Asia 2023 Special Edition:...May 29, 2023
Austria-based gaming equipment maker and operator Novomatic...May 25, 2023
Sports betting and online casino operating platform...May 24, 2023
The business performance in Asia of gaming content and...May 18, 2023
The organisers of Global Gaming Expo (G2E) Asia 2023...May 17, 2023
Gaming content and equipment supplier Light & Wonder...May 16, 2023
Casino equipment maker Sega Sammy Creation Inc is to...May 09, 2023
Casino slot machine and digital gaming content provider...May 05, 2023
The Global Gaming Expo (G2E) Asia event in Singapore is the...May 04, 2023
An adviser to a Thailand parliamentary committee mulling...(Click here for more)
US$8.1 billion
Macau’s casino gross gaming revenue in the five months to May 31