Emperor Entertainment Hotel Ltd, operator of Macau casino venue the Grand Emperor Hotel (pictured), reported a net loss of HKD177.6 million (US$22.9 million) for the 12 months to March 31, 2021. That compares with a profit of HKD263.9 million in the previous fiscal year, according to a Tuesday filing to the Hong Kong Stock Exchange.
The company said its revenue in the year to March 31 fell by 73.6 percent year-on-year, to nearly HKD301.9 million. That was because of a 77.4-percent decline in gaming revenue at the downtown Macau property during the reporting period, to HKD209.1 million, stated the company.
That stemmed from a “drastic decrease in the number of visitor arrivals” to Macau, due to “travel and entry restrictions”, as part of Macau’s measures against the Covid-19 pandemic.
The casino at the venue runs as a satellite under a so-called services agreement with Macau gaming licensee SJM Holdings Ltd. The venue featured 67 mass-market gaming tables, 10 VIP tables, and 180 slot-machine seats as of March 31, 2021.
According to Tuesday’s filing, revenue in the mass-market segment stood at HKD138.0 million during the reporting period, down 77.9 percent from the prior-year period. It accounted for about 66.0 percent of the group’s total gaming revenue.
VIP revenue for the period was down 79.3 percent year-on-year, to HKD55.6 million, while revenue from slot machines fell by 56.6 percent to HKD15.5 million.
The company reported negative adjusted earnings before interest, taxation, amortisation and depreciation (EBITDA) to the tune of HKD205.4 million, compared to a positive figure of HKD280.4 million a year earlier.
The firm’s board recommended the payment of a final dividend of HKD0.015 per share, to be paid in September.
Outside of the reporting period, Emperor Entertainment Hotel had declared on May 25 the payment of a special dividend of HKD0.050 per share, totalling nearly HKD59.9 million in aggregate. The announcement was linked to the company’s acquisition of three hospitality-related properties in Hong Kong from its parent firm, which was first announced in March.
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”We are hoping that within this year, by the end of the year, we will be able to open up the entire [Grand Lisboa Palace] property”
Daisy Ho Chiu Fung
Chairman of Macau casino operator SJM Holdings