Emperor Entertainment posts full year net loss

Emperor Entertainment Posts Full Year Net Loss

Grand Emperor Hotel operator, Emperor Entertainment Hotel, posted a net loss of HKD177.6m ($22.9m) for the 12 months to 31 March 2021.

 

The result compares with a profit of HKD263.9m ($34m) in the previous fiscal year, according to a filing with the Hong Kong Stock Exchange on 22 June.

The company said its revenue for the 2020 fiscal year dropped by 73.6 percent year-on-year to nearly HKD301.9m ($38.9m). This was due to a 77.4 percent decline in gaming revenue at the downtown Macau property during the reporting period, which was down to to HKD209.1m ($26.9m).

Emperor Entertainment attributed the fall to a “drastic decrease in the number of visitor arrivals” to Macau, due to “travel and entry restrictions” as a consequence of the coronavirus pandemic.

The company reported negative adjusted earnings before interest, taxation, amortisation and depreciation (EBITDA) of HKD205.4m, compared to a positive figure of HKD280.4m a year earlier.

Revenue for the mass-market segment was HKD138m for the financial year, down 77.9 percent from the prior-year period. It made up around about 66 percent of the company’s total gaming revenue.

VIP revenue was down 79.3 percent year-on-year to HKD55.6m, while revenue from slot machines fell by 56.6 percent to HKD15.5m.

The post Emperor Entertainment posts full year net loss appeared first on Casino Review.

Recent Comments
    Archives
    Online & Mobile Casino Bonuses and Deals in 2021
    ©2021 VegasTreasureChest.com. Design by 10mb.com