GGRAsia – Gaming business spurs Jimei 1H turnaround

Gaming business spurs Jimei 1H turnaround

Aug 04, 2015 Newsdesk Latest News, Macau, Rest of Asia, Top of the deck, World

Hong Kong-listed Jimei International Entertainment Group Ltd on Monday issued a positive profit alert for the first half of 2015.

The casino junket investor said it expects a consolidated profit for the six months ended June 30, as compared to a loss recognised for the corresponding period in 2014. The turnaround is “mainly attributable to the profit contributions from the group’s newly established gaming and entertainment business since February”.

Jimei International Entertainment did not give a specific estimate for the expected profit.

The firm added it expected to announce on August 14 its interim results for the first half of 2015.

In February, Jimei International Entertainment said it had entered into a deal with Crown Perth for its “junket patrons or players to conduct gaming at the Crown Perth Casino”. Crown Perth is a casino property operated by Australia’s Crown Resorts Ltd, chaired by James Packer.

On June 30, Jimei International Entertainment announced that one of its units had agreed a deal to operate at least seven VIP gambling tables at NagaWorld casino resort in Cambodia.

Jimei International Entertainment is chaired by one of Macau’s most experienced casino junket executives, Jack Lam Yin Lok (pictured). According to local media reports, Mr Lam founded Jimei Group, a longstanding participant in the Macau VIP gaming promotion sector.

Jimei Group runs junket operations at eight Macau casino hotels, including at Grand Lisboa, a property developed and operated by Macau casino operator SJM Holdings Ltd, according to the Jimei Group website.

Following a share subscription completed in September 2014, Mr Lam and parties associated with him assumed control of Jimei International Entertainment’s capital. At the time the listed entity was called Sinogreen Energy International Group Ltd. The latter had previously been involved in trading silicone rubber keypads.