Emperor Entertainment faces 28% year-on-year profit drop
Emperor Entertainment Hotel Ltd announced a drop in net profits for the financial year which ended on 31 March. The operator manages two hotels in Macau and recently reported a fall of almost 28%, earning HK$263.9m (US$34.1m). The situation was impacted by the virus and the decline in VIP gaming revenue.
Emperor Entertainment stated group-wide revenue fell by 17% to HK$1.14bn. This includes HK$926.8m in gaming revenue, a drop of almost 19%, and HK$216.4 m in hotel revenue, which dropped by 12%.
VIP gaming plummeted as well, earning HK$10.2 bn in rolling chip volume, compared to HK$19.3bn of the previous year. VIP revenue was also down by 38%, bringing in HK$267.9m.
The main gaming floor had a larger impact on the overall revenue than the previous year, bringing in 67% of the total share with HK$623.2m, but the sums still suffered a 6% drop. Slot machines declined to HK$35.7m, compared to last year’s HK$42.6m.
However, the company remains optimistic, stating that while “unfavorable business environment” will likely impact Macau’s gaming market, the group is preparing for the resumption of work and closely monitors the situation. Emperor Entertainment “strives to stay competitive in the marketplace, and anticipates reaping the greatest benefits when the market revives.”
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