Emperor Ent interim loss up to 85% as gaming biz shut down
Emperor Entertainment Hotel Ltd, operator of casino hotel Grand Emperor Hotel in Macau (pictured), saw its net loss rise 85.4 percent year-on-year to HKD 155.7 million (US$ 19.9 million) in the six months to September 30. One such loss included nearly HKD 86.0 million from discontinued gambling operations, the company said in a filing with the Hong Kong Stock Exchange on Thursday.
In April, Emperor Entertainment announced the opening of the Grand Emperor Hotel, in the center of Macau stop gaming activities on June 26. The casino was run until that date under a service agreement with casino operator SJM Holdings Ltd. took over the operation of the casino since June 27.
Emperor Entertainment operates a second hotel in Macau called Inn Hotel, but that property has no gaming facilities. The group is also engaged in hotel activities and the rental of serviced apartments in Hong Kong.
The company said revenue for the six months ended September 30 was HKD 84.2 million, up 14.3 percent from the same period last year. Gaming revenue for the period fell 83.7 percent to HKD 24.4 million, as the company did not run the casino at the Grand Emperor until late June.
Emperor Entertainment said the service agreement with SJM Holdings was “just an arrangement” for the group to provide the “space and the services” to the casino company “in exchange for the utility fee and the hotel service fee.”
The company added that the arrangement was the “best business opportunity for the company in the current situation as the use of the play area at the Grand Emperor Hotel is restricted by the Macau government.”