Emperor Entertainment Hotel Ltd, owner and operator of Macau casino property Grand Emperor Hotel (pictured), said it expects to record a “significant decrease” in consolidated net profit for the six months ended September 30, 2015, compared to the prior-year period.
The decline is attributable to “a net loss on the hotel property valuation due to the downturn of the Macau property market,” the company said in a filing to the Hong Kong Stock Exchange on Friday. The net loss “is a non-cash item and will not have a direct impact on the operation of the group,” the firm added.
Emperor Entertainment additionally said it expects to report a “moderate decline” in revenue for the period, as well as an “exchange loss on offshore traded renminibi deposits … due to abrupt devaluation of renminbi in August”.
Hong Kong-listed Emperor Entertainment reported a net profit of HKD263.72 million (US$34 million) for the fiscal first half of 2014, according to previous filings.
The casino at the Grand Emperor Hotel operates under a licence from Macau gaming firm SJM Holdings Ltd. The 307-room hotel had 67 gaming tables and 200 slot machine seats on the main casino concourse and a self-managed VIP room with 10 tables, according to its latest annual report published in June.
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President and chief executive of Light & Wonder