Emperor Entertainment full-year revenue falls 30%
The company reported an 81 per cent reduction in its net loss to HK$98.2m (US$12.54m).
Macau.- Emperor Entertainment Hotel Limited has shared its financial results for the fiscal year ended March 31. Total revenue was down 30 per cent year-on-year to HK$291m (US$37.2m) and gaming revenue was down 66.3 per cent to HK$87.7m (US$11.2m).
The company’s net loss narrowed by 81 per cent from the previous year to HK$98.2m (US$12.54m). According to the report, this was mainly due to a “reversal of impairment losses of assets” of HK$31.8m, and a “fair value gain of investment properties” of HK$19.7m.
Emperor’s annual adjusted segmental loss before interest, taxation, depreciation and amortisation was a negative HK$109.8m, an improvement on the negative HK$171.8m a year earlier. Revenue from the mass-market gaming hall was down 54.9 per cent year-on-year to HK$80.8m. Revenue from the VIP room stood at HK$690,000. Slot machine revenue was down 62 per cent to HK$6.3m.
Emperor Entertainment attributed the performance to several factors, including the transition of gaming operations to SJM Resort from June 27 until the end of 2022. This change was due to a new gaming concession and the impact of the Covid-19 outbreak.
The company highlighted the increase in visitor arrivals to both Hong Kong and Macau during the first quarter of 2023. The company sees this as a positive sign, indicating the return of hospitality and gaming demand in the region.
It disclosed that one of its wholly-owned subsidiaries has entered into an agreement with SJM for the provision of various services to the Grand Emperor Hotel. The agreement, which commenced on January 1, 2023, is set to last for a term of three years and reflects the company’s confidence in the future development of Macau’s gaming industry following the government’s announcement of awarding 10-year gaming concessions to six casino operators, including SJM.
