• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Industry Talk
  • Trends & Tech
  • iGaming
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Imperial Pacific 1H net loss widens to US$21.8 mln

Aug 28, 2015 Newsdesk Latest News, Macau, Top of the deck, World  


Imperial Pacific 1H net loss widens to US$21.8 mln

Hong Kong-listed Imperial Pacific International Holdings Ltd on Thursday posted a net loss of HKD168.8 million (US$21.8 million) for the first half of 2015, compared to HKD19.6 million a year ago.

The company said its revenue for the period fell 52.9 percent year-on-year to HKD138.2 million, while its administrative expenses rose by about 400 percent to HKD167.9 million.

Imperial Pacific holds a casino licence for the Pacific island of Saipan and is also an investor in the profit stream of Macau junket firm Hengsheng Group, also known as Heng Sheng Group.

Imperial Pacific said it had recognised an impairment loss regarding its investment in Hengsheng. It reported an accrued revenue of approximately HKD6,000 from the sharing of profit stream from the Macau gaming business in the six months to June 30, with a segment loss of about HKD3 million for the period. That compares to a segment profit of HKD11.8 million in the prior-year period.

“As rolling turnover generated during the period continued to drop, the expected cash inflow from this business segment decreased and therefore an impairment loss of approximately HKD3,000,000 in respect of intangible asset was recognised,” Imperial Pacific said.

Casino gross gaming revenue (GGR) in Macau for the first six months of 2015 stood 37.0 percent lower than in the same period in 2014, with VIP baccarat GGR falling 42.2 percent year-on-year in the second quarter.

Pursuant to the investment in Hengsheng, the vendor deposited HKD376 million as a profit guarantee to Imperial Pacific for the period from January 1, 2015 to December 31, 2029. The applicable guaranteed profit share for the period until December 31, 2017 is HKD72 million, Imperial Pacific said.

“Such proceeds have been used for developing the integrated resort business on the Island of Saipan,” it added.

Imperial Pacific confirmed in Thursday’s filing that it had a soft opening on July 26 – outside of the reporting period – of its “temporary casino” on Saipan, which has started to generate gaming revenue.

The company also started site construction in July for two hotels, with a total of 254 rooms, and a casino on Saipan. It said it expects construction work to be “fully complete within 16 months”.

Imperial Pacific said this business segment was in the development stage in the first half of 2015, recording a loss of approximately HKD127.6 million, compared to HKD14 million a year earlier.

In September last year, Imperial Pacific pledged to spend as much as US$7 billion on a casino resort on Saipan.


  • tweet
Related articles
  • Covid-19 test certificate to enter Macau casinos
    Covid-19 test certificate to enter...

    Jun 27, 2022  

  • Macau May casino GGR up 25pct m-o-m: govt
    Macau May casino GGR up 25pct m-o-m:...

    Jun 01, 2022  

More news
  • 5-casino Thai market ok says National Assembly committee
    5-casino Thai market ok says National...

    Jun 30, 2022  

  • 2nd tower at Sheraton to be used for Macau Covid fight
    2nd tower at Sheraton to be used for...

    Jun 30, 2022  


Latest News

5-casino Thai market ok says National Assembly committee

5-casino Thai market ok says National Assembly committee

Jun 30, 2022  

A committee of the Thai National Assembly looking at the issue of casino resorts for that nation has suggested it could be viable to have five, spread across the country, as localised drivers of...
Read More
2nd tower at Sheraton to be used for Macau Covid fight

2nd tower at Sheraton to be used for Macau Covid fight

Jun 30, 2022  

Pagcor rev topped US$5.4bln in 6 years, says Domingo

Pagcor rev topped US$5.4bln in 6 years, says Domingo

Jun 30, 2022  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Pick of the Day

"There is still no clarity about when border easing for Macau will occur. In the end these changes are needed to see a rebound for Macau business"

Vitaly Umansky, Louis Li and Shirley Yang

Analysts at brokerage Sanford C. Bernstein



Most Popular

  • Macau casino Covid tests from Fri, ops pay for staff testsMacau casino Covid tests from Fri, ops pay for staff tests June 28, 2022
  • China quarantine easing good signal for Macau: analystsChina quarantine easing good signal for Macau: analysts June 29, 2022
  • LVS full recovery may take until 2024: Moody’sLVS full recovery may take until 2024: Moody’s June 29, 2022
  • SJM to make 2nd of pledged staff subsidy payments for 2022SJM to make 2nd of pledged staff subsidy payments for 2022 June 27, 2022
  • Moody’s confirms SJM Holdings’ ratings, negative outlookMoody’s confirms SJM Holdings’ ratings, negative… June 27, 2022
Copyright 2014-2022 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us