Emperor Entertainment net losses narrow to US$12.5 million 2023
Emperor Entertainment Hotel’s net losses narrowed to HKD98.2 million (MOP101 million/ US$12.5 million) for the year ended 31 March 2023.
The firm runs six hotels and serviced apartments in Macau and Hong Kong, including the Grand Emperor Hotel with casino and Inn Hotel.
According to a stock filing issued to the HK Exchange three days ago, a reversal of impairment losses of assets of HKD31.8 million and a fair value gain of investment properties of HKD19.7 million narrowed net losses.
The group’s total revenue fell 30% to HKD291.1 million, but hotel and serviced apartment revenue rose 31% to HKD203.4 million.
Reduced losses of $12.5 million for Emperor Entertainment
Since the reopening of borders in Macau, Hong Kong, and mainland China in early 2023, Emperor Entertainment reported a robust hospitality and gaming comeback.
Casino revenue dropped to HKD87.7 million, 30.1% of total revenue. SJM Resorts, S.A., a gaming license-holding subsidiary of SJM Holdings, ran gaming activities during a specified time of year, the business claimed.
The group terminated its SJM concession gambling activities in April. Two months later, SJM said it would operate it for another six months.
Emperor Entertainment operates the Grand Emperor Hotel’s satellite casino under SJM Resorts’ license until 2025 under a new service agreement inked on 30 December 2022.
The stock filing stated that Macau and Hong Kong were well-positioned to attract mainland Chinese and foreign visitors. The business expects both areas’ economic growth to boost tourism and hospitality, resulting in long-term profits.
