• 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
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Macau services firm China Star Ent swings to 2016 loss

Mar 31, 2017 Newsdesk Latest News, Macau, Top of the deck  


Macau services firm China Star Ent swings to 2016 loss

China Star Entertainment Ltd, a services provider in the Macau casino market and an investor in the Hong Kong film sector, swung to a net loss for 2016, despite higher group revenue.

Such loss was HKD335.61 million for the 12 months to December 31, compared to the HKD107.87-million profit recorded in the prior year. The firm did not recommend a dividend.

Group revenue rose 6 percent to HKD1.10 billion, compared to nearly HKD1.04 billion in 2015. But the cost of sales in 2016 leapt 70 percent, to HKD986.54 million, compared to HKD581.78 million a year earlier.

The group said the profit slump was mainly due to a 75 percent fall in gross profit, “due to significant decrease in revenue from service income from gaming operations as a result of the recession in gaming industry in Macau”.

Another factor was recognition of a loss amounting to approximately HKD222.93 million on a new film released by the group during the year.

China Star runs hotel services, food and beverage operations and marketing services for gaming at the 209-room Hotel Lan Kwai Fong (pictured), a casino hotel on the Macau peninsula that uses the gaming licence of SJM Holdings Ltd.

Hotel and gaming service operations swung to a 2016 loss of HKD44.96 million, compared to a profit of HKD62.28 million a year earlier. That segment’s revenue dropped by 22 percent year-on-year, to HKD686.43 million, compared to HKD877.91 million a year earlier.

China Star said in its annual results that with effect from October 30 it had terminated an agreement entitling the firm to a share in the profit stream from a Macau VIP gaming promotion business operating at the Grand Lisboa casino hotel.

The firm said the move was “consistent with the group’s long-term policy to focus its activities on the group’s other business.”


  • tweet
Related articles
  • Chan Meng Kam casino hotels getting rebrand
    Chan Meng Kam casino hotels getting...

    Aug 14, 2018  

  • China Star completes sale of Lan Kwai Fong
    China Star completes sale of Lan Kwai...

    Jan 04, 2018  

More news
  • Aristocrat to launch EGM-based responsible gaming features
    Aristocrat to launch EGM-based...

    Feb 26, 2021  

  • Suncity to open clubs at Londoner Macao, Lisboa Palace
    Suncity to open clubs at Londoner...

    Feb 26, 2021  


Latest News

Aristocrat to launch EGM-based responsible gaming features

Aristocrat to launch EGM-based responsible gaming features

Feb 26, 2021  

Casino slot machine maker and digital games provider Aristocrat Leisure Ltd says it plans to launch in the first quarter this year a new product with responsible gaming features, which has already...
Read More
Suncity to open clubs at Londoner Macao, Lisboa Palace

Suncity to open clubs at Londoner Macao, Lisboa Palace

Feb 26, 2021  

Tech supplier Crane ups forecast for 2021 core sales

Tech supplier Crane ups forecast for 2021 core sales

Feb 26, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day


US$53.4 million

Adjusted EBITDA reported by Asian casino operator Melco Resorts and Entertainment for the fourth quarter of 2020



Most Popular

  • Macau casino GGR soared in final days of CNY: brokeragesMacau casino GGR soared in final days of CNY: brokerages February 23, 2021
  • Pansy Ho sells off more stock in MGM Resorts for US$36mlnPansy Ho sells off more stock in MGM Resorts for US$36mln February 23, 2021
  • Macau removes last mainland cities from its quarantine listMacau removes last mainland cities from its quarantine list February 23, 2021
  • GEG in US$1.6bln construction deal on Galaxy Macau Phase 4GEG in US$1.6bln construction deal on Galaxy Macau Phase 4 February 22, 2021
  • Macau VIP challenged by changes in China: Galaxy Ent bossMacau VIP challenged by changes in China: Galaxy Ent boss February 25, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us