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Emperor’s GGR down by 90% in H1

The company expected to record over US$20m in losses.
The company expected to record over US$20m in losses.

The Macau operator has said losses amounted to US$18.3m for the six months ending on September 30.

Macau.- Emperor Entertainment Hotel’s total revenue fell by 86.3 per cent year-on-year for the six months that ended on September.

Total revenues amounted to HK$92.9m (US$11.9m), while gaming revenues were down by 90.9 per cent at HK$51.1m (US$6.6m).

Gaming revenues were from mass floor, which contributed HK$37.2m, 72.8 per cent of all gaming revenues.

The VIP segment represented only 11.8 per cent of GGR at HK$6m. That compares to HK$160.2 million in H1 of 2019. Slot gaming brought in HK$7.9m, accounting for 15.4 per cent of gaming revenue.

Gaming revenues represented about 55 per cent of the total income, down from 82.5 per cent in the same period last year.

In a filing to the Stock Exchange of Hong Kong, the company that operates the Grand Emperor Hotel and Inn Hotel Macau blamed the results on travel restrictions drastically reducing the number of visitor arrivals to Macau.

Losses for the first half reached HK$141.8m (US$18.3m), while in 2019 the same period saw profits of HK$177.2m

In October the company had warned it expected to record about US$20 million in losses for the period.

Nonetheless, the company issued a dividend of HK$0.015 per share.

Emperor estimates that quarantine measures in the Greater Bay of Macau area are likely to be further relaxed, and that “based on the suppressed desire for leisure and pent-up consumption demand”, the group expects visitation and spending to rebound.

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