LET Group Holdings revenue up 32% in H1

The company recorded an increase in revenue from HK$144.6m (US$18.4) to HK$190.4m (US$24.2m).

Macau.- LET Group Holdings, the company formerly known as Suncity Group Holdings Limited has reported that revenue from continuing operations increased by 32 per cent to approximately HK$190.4m (US$24.2m) in the first half of the year.

The group reported that gross profit from continuing operations increased by 132 per cent to approximately HK$93.7m with a loss of HK$252.9m.

Consolidated adjusted EBITDA from continuing operations was approximately positive HK$50.6m versus negative HK$8.1m for the six months ended June 30. 

LET Group Holdings said that during the first half of 2022, social distancing and travel-related measures in the Group’s operating and customer markets impacted its overall operations. It noted that sanctions on Russia resulting from the Russia-Ukraine conflict may cause significant long-term damage to the Russian economy and its tourism industry, which may have a negative impact on the Tigre de Cristal integrated resort in Vladivostok, Russia.

Tigre de Cristal contributed revenue from gaming and hotel operations of approximately HK$177.9m and nearly HK$198.2m in gross gaming revenue (GGR).

Net gaming revenue from Tigre de Cristal, which consists of the rolling chip business, mass table business and electronic gaming business, was approximately HK$168m during the first half of the year.

Due to the Covid-19 pandemic, no rolling chip activities have been noted in the reported period while the mass table drop (measured as the sum of gaming chips purchased or exchanged at the cages) was up 49.4 per cent from HK$237m to HK$354m.

The Hoiana club resort posted net revenue of US$7.2m, up 7.0 per cent. It recorded negative adjusted EBITDA of approximately US$25.8m in the first half of the year versus approximately US$20.6m in the previous year.

In its financial report, the company said construction of the Westside City Project in the Philippines continued. It said foundation works had been completed and cranes had been erected.

When all phases of the Westside City Project are ready, it will have approximately 300 gaming tables, over 1,300 electronic gaming machines and over 450 five-star hotel rooms. The completion date remains as scheduled for 2024.

LET Group Holdings said it remains cautiously optimistic about its long-term strategic positioning in the Asian entertainment space.