Macau satellite casino promoter Emperor Entertainment Hotel Ltd reported an annual loss that widened to HKD528.3 million (US$67.3 million) for the 12 months to March 31, from HKD177.6 million a year earlier. It said the main reason was “a significant increase in fair value loss and impairment losses during the year”.
Emperor Entertainment’s gaming licence partner SJM Holdings Ltd is to take over running of the casino at the Grand Emperor Hotel (pictured) from June 27.
Gaming revenue for Emperor Entertainment in the financial year ended March 31 increased 24.6 percent year-on-year, to HKD260.6 million.
Revenue from the mass-market gaming hall was up 29.7 percent year-on-year, at nearly HKD179.0 million. Revenue from the VIP room rose 16.9 percent, to HKD65.0 million. Slot-machine revenue stood at HKD16.6 million, up 6.9 percent from the prior-year period.
“During the year, the entry restrictions and quarantine measures were still enforced within the Greater Bay Area due to the fluctuating Covid-19 pandemic situation, resulting in the operating environments of the tourism and hospitality sectors generally remaining challenging,” said the firm in a Thursday filing to the Hong Kong Stock Exchange.
It was referring to the Guangdong-Hong Kong-Macau Greater Bay Area, a Chinese central government-defined cluster of communities around the Pearl River Delta. In pre-pandemic business, tourists from Guangdong and Hong Kong have been key customers for Macau casinos.
Emperor Entertainment’s total revenue increased by 37.8 percent, to HKD415.9 million, for the year to March 31.
The firm’s annual adjusted segmental loss before interest, taxation, depreciation and amortisation was a negative HKD171.8 million, an improvement on the HKD205.4-million negative result a year earlier.
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