Jun 25, 2018 Newsdesk Latest News, Philippines, Top of the deck
Hong Kong-listed International Entertainment Corp reported a net loss of HKD67.3 million (US$8.6 million) for the fiscal year ended March 31, 2018. The group’s loss widened from the HKD41.8 million recorded in the previous year.
The company reported revenue of approximately HKD296.4 million in the 12 months to March 31, up by 1.9 percent from the previous year, according to a Friday filing.
The firm operates a hotel in Manila, in the Philippines. It also has a leasing agreement with the Philippine Amusement and Gaming Corp (Pagcor) for the latter to operate a casino inside the hotel. “The monthly rental income is based on an agreed percentage of net gaming revenue generated from the local gaming area operated by Pagcor as lessee of the group’s premises or a fixed rental amount, whichever is higher,” according to International Entertainment.
Pagcor is the regulator of the Philippine casino industry and also the operator of some publicly owned casino facilities.
The revenue derived from the leasing deal with Pagcor in the 12 months ended March 31 was approximately HKD188.0 million, representing a year-on-year increase of approximately 2.3 percent, International Entertainment stated. “The increase was mainly due to increase in the net gaming revenue from the local gaming area operated by Pagcor,” it added.
International Entertainment announced in May an agreement with The Stars Group Inc whereby one of the former’s subsidiaries was granted the right to operate land-based live events and poker rooms under the branding of PokerStars “in certain Asian countries”.
PokerStars is one of the brands controlled by The Stars Group.
International Entertainment got new owners last year. The business – started by the family of the late Cheng Yu Tung, a long-time business partner of former Macau casino monopolist Stanley Ho Hung Sun – changed hands to Brighten Path Ltd. Its current chairman, Stanley Choi, is a professional poker player, according to media reports.
Earlier this year, International Entertainment announced a deal to take over Wigan Athletic AFC, an English professional football club in the third tier of the game, but which was promoted at season end to the English Football League Championship, the second tier.
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