GGRAsia – CY Management to expand slot operation in Asia

CY Management to expand slot operation in Asia

Jun 30, 2014 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck

CY Management Ltd, a Macau-based casino services provider, says it has plans to expand its slot machine and multi-terminal management operations to 3,000-plus units across Asia “in the coming three years”.

It said so in a filing by its Hong Kong-listed parent CY Foundation Ltd. The filing confirmed that CY Foundation, a Hong Kong-listed conglomerate, saw its losses narrow fivefold in the financial year to March 31.

The parent’s losses were approximately HK$12.77 million (US$1.6 million) compared to HK$65.21 million a year earlier.

The parent said some of the loss was connected with “significant startup operating costs, amortisation and depreciation charges for the gaming business,” adding that “such costs and charges outweighed the revenue during the period”.

In September 2013, the group successfully acquired – via issuance of convertible notes with an aggregate nominal value of HK$69 million – the entire equity interest in CY Management from businessman Poh Po Lian, the single largest shareholder of CY Foundation.

CY Management is principally engaged in management of electronic gaming machines in Macau casinos via service agreements.

Currently, CY Management serves three casinos that operate under the gaming licence of SJM Holdings Ltd. They are: Casino VIP Legend, controlled by casino services firm Macau Legend Development Ltd; and Casino Casa Real and Casino Grandview controlled by Kingston Financial Group Ltd.