The casino company, which operates a resort on Jeju Island, has revealed financial results for the first half.<\/p>\n\n\n\n\n\n\n\n
South Korea.- The casino company New Silkroad Culturaltainment has revealed a loss of HKD43.5 million (US$5.6 million) for H1. <\/p>\n\n\n\n
That’s significantly worse than the HKD9.7 million (US$1.2 million) loss seen in the same period last year.<\/p>\n\n\n\n
The company, which operates the MegaLuck casino on Jeju Island, attributes the loss to the drop in tourism and the temporary closure of its venue due to Covid-19 measures.<\/p>\n\n\n\n
Revenue for the six months to June 30 fell 56.7 per cent to HKD49.6 million (US$6.3 million), down from HKD114.6 million (US$14.7 million) in the first half of 2019.<\/p>\n\n\n\n
The group\u2019s loss from operating activities grew to HKD46.1 million (US$5.9 million), from HKD8.8 million (US$1.1 million) last year.<\/p>\n\n\n\n
The group told the Hong Kong Stock Exchange: \u201cOur entertainment business was substantially impacted by the novel coronavirus disease, which resulted in a significant drop in revenue. <\/p>\n\n\n\n
“The imposition of local travel and entry restrictions by the South Korean government caused a sharp reduction of number of tourists to Jeju.\u201d<\/p>\n\n\n\n
The company added: \u201cEntertainment revenue plunged by 99.4 per cent, to approximately HKD400,000.”<\/p>\n\n\n\n
The reopening of the venue has yet to be announced.<\/p>\n","protected":false},"excerpt":{"rendered":"
The casino company, which operates a resort on Jeju Island, has revealed financial results for the first half.<\/p>\n","protected":false},"author":2,"featured_media":9670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"New Silkroad Culturaltainment reported a significant H1 loss of HKD43.5 million, exacerbated by a 56.7% revenue decline to HKD49.6 million. This underperformance is primarily attributed to the severe impact of COVID-19 on tourism, resulting in the temporary closure of its MegaLuck casino on Jeju Island and a near-total collapse of entertainment revenue. The company's operational outlook remains uncertain as the venue's reopening date is yet to be announced.","focusai_entities":"New Silkroad Culturaltainment, MegaLuck","focusai_location":"South Korea, Jeju Island, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"MegaLuck Reopening Outlook","query":"What is the projected timeline for the reopening of the MegaLuck casino, and what specific operational and market recovery strategies are being implemented to mitigate ongoing revenue erosion?"},{"label":"Regional Performance Benchmarking","query":"How does New Silkroad Culturaltainment's H1 financial performance, particularly its GGR and NGR decline, benchmark against other integrated resort operators in the APAC region facing similar pandemic-induced market constraints?"}],"footnotes":""},"categories":[160,16338,163],"tags":[29,21298,152],"class_list":["post-9668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-casino","tag-finances","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9668","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=9668"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9668\/revisions"}],"predecessor-version":[{"id":9684,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9668\/revisions\/9684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9670"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}