Emperor Entertainment posts interim loss of US$22.9m for H1

Gaming revenue was up 17.3 per cent at HK$253m (US$) for the first six months of the year.

Macau.- Emperor Entertainment Hotel has shared its financial results for the first half of the year. It posted an interim loss attributable to its owners of HK$177.9m (US$22.9m), compared with a net profit of HK$11.8m (US$1.52m) for the prior-year period. That’s due to a fair value loss on investment properties of HK$263.9m (US$33.96m) compared with a fair value gain of HK$1.4m (US$0.18m) a year earlier.

Adjusted segmental earnings before interest, taxation, depreciation, and amortisation (EBITDA) were HK$99.5m (US$12.81m), most of it from Macau operations. Segmental EBITDA was up 22.8 per cent from a year earlier. Revenue rose by 9.7 per cent year-on-year to HK$407.9m (US$52.48m).

Gaming revenue was up 17.3 per cent year-on-year at HK$253m (US$32.56m). Hotel revenue, including from Hong Kong operations, was down 3.1 per cent to HK$129.1m (US$16.61m). 

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The company said: “With a signature hotel and several blocks of leasing apartment buildings located in prime areas on Hong Kong Island, particularly in light of the expanding middle class, the group believes that outbound tourism from Mainland China will continue growing and is optimistic about the sustainable long-term growth in market demand for hospitality services. In the meantime, Macau remains the world’s largest gaming market and is a leading leisure and entertainment hub in Asia. It is not just popular with Mainland Chinese tourists, but also with tourists from Hong Kong and Taiwan, as well as other countries in Asia. With the support from tourism initiatives, further expansion of Mainland China’s individual visit scheme and enhanced transportation infrastructure connecting to nearby cities, the group is confident regarding the outlook for market growth in Macau.”