Emperor Entertainment has shared its financial results for the year ending March 31, reporting a net loss of HKD177.6m (US$22.9m).
Macau.- Emperor Entertainment has reported a net loss of HK$177.6m (US$22.9m) for the last fiscal year and a decline in revenue of 74 per cent when compared to the previous year, down from HK$1.14bn to HK$301.85m.
Gaming revenue fell 77.4 per cent year-on-year to HKD209.1m. Mass-market gaming revenue declined by 78 per cent to HK$138m and VIP revenue 79.3 per cent. Slot machines revenue declined by 56.6 per cent.
The company said the majority of the losses were recorded during the first half of the fiscal year due to Covid-19 pandemic countermeasures and the lack of tourists.
Emperor Entertainment remains positive about travel bubble between Macau and Hong Kong
The company said it is “well prepared for the tourism rebound and recovery of consumption and entertainment sentiment and is confident regarding the long-term development of the group.”
Alvis Lo lek Long, Macau Health Bureau director, has said that a travel bubble between Hong Kong and Macau could be contemplated once Hong Kong passes 28 days without a local Covid-19 case.
Authorities had previously said Hong Kong should reach 14 consecutive days without a new Covid-19 case to start talks about a travel bubble but it seems the opinion has changed.
Once travel between Hong Kong and Macau is allowed, it is expected Macau will only allow vaccinated people to enter the city, showing a negative Covid-19 test.
A travel bubble between Macau and Hong Kong is vital for Macau’s economic recovery as Hong Kong provides 10 to 15 per cent of Macau’s annual casino gross gaming revenue (GGR).