APE said it will write off an estimated HK$26million (US$3.4million) as a result of not being paid by two firms.<\/p>\n\n\n\n\n\n\n\n
Philippines.- Asia Pioneer Entertainment (APE) has said it will cancel lease agreements to casinos in Cambodia and the Philippines due to the non-payment of rent. <\/p>\n\n\n\n
APE<\/em><\/strong> said it will write off an estimated HK$26million (US$3.4million)\u00a0as a result of not being paid by two firms.<\/p>\n\n\n\n The company said that the leases related to an agreement with Siam Star Leisure in 2018 for a casino in Cambodia and an additional agreement with GLIMEX Inc which provided electronic gaming machines in the Philippines.<\/p>\n\n\n\n IN a filing with the Hong Kong Stock Exchange, APE said that Siam Star failed to pay lease rental of HK$17million (US$2.2million) and GLIMEX owed HK$9million (US$1.2million). <\/p>\n\n\n\n Under the terms of the contract, the leases could be cancelled without notice.<\/p>\n\n\n\n APE will now insist on the return of the machines and said it will seek out new leases in Macau or other Southeast Asian companies. <\/p>\n","protected":false},"excerpt":{"rendered":" APE said it will write off an estimated HK$26million (US$3.4million) as a result of not being paid by two firms.<\/p>\n","protected":false},"author":2,"featured_media":6671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Asia Pioneer Entertainment (APE) is writing off HK$26 million (US$3.4 million) due to non-payment from two firms, Siam Star Leisure in Cambodia and GLIMEX Inc in the Philippines, leading to the cancellation of gaming machine lease agreements. APE will seek the return of its electronic gaming machines and explore new leasing opportunities in Macau and other Southeast Asian markets. This event highlights B2B credit risk and operational challenges in emerging iGaming jurisdictions.","focusai_entities":"Asia Pioneer Entertainment, APE, Siam Star Leisure, GLIMEX Inc, Hong Kong Stock Exchange","focusai_location":"Philippines, Cambodia, Macau, Southeast Asia, Hong Kong","focusai_target_profile":"ceo_executive (0.9), compliance_legal (0.7), investor_analyst (0.95), supplier_vendor (0.9), journalist_researcher (0.85)","focusai_suggestions":[{"label":"APE Capital Allocation?","query":"What is APE's revised capital allocation strategy following this significant write-off and asset recovery initiative, particularly concerning future market expansion?"},{"label":"B2B Credit Risk Mitigation?","query":"How will this incident influence APE's B2B credit assessment and contractual frameworks for future equipment leases in emerging markets, and what new risk mitigation strategies will be implemented?"}],"footnotes":""},"categories":[161,163,16333],"tags":[8720,30,257,128],"class_list":["post-6661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news","category-finance-news","category-south-east-asia-news","tag-ape","tag-cambodia","tag-macau","tag-philippines"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=6661"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6661\/revisions"}],"predecessor-version":[{"id":777008698,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6661\/revisions\/777008698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/6671"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}