Emperor Entertainment reports $22m loss for fiscal year
Emperor Entertainment Group has reported a net loss of HK$177.6m (US$22.9m) for the year ending 31 March 2021.
Revenue declined by 74% year-on-year to HK$301.85m.
Emperor Entertainment operates the Grand Emperor Hotel in Macau under a licence from SJM Holdings.
For the fiscal year, the property’s gaming revenue dropped by 77% to HK$209.1m. Mass market gaming revenue declined by 78% to HK$138m.
VIP room earned HK$2.4bn, a massive dip from HK$10.2bn, as per Asia Gaming Brief.
The declines in revenue were attributed to travel restrictions and safety measures implemented in both Macau and overseas; however, Emperor Entertainment remains optimistic about the market’s recovery.
The company is preparing for the travel bubble between Hong Kong, where the company has several hotels, and Macau, adding: “It will be able to adopt a comprehensive marketing strategy for its hospitality business as a whole and deliver unparalleled services to travellers visiting both these cities.
“With the group’s strengthened footprint in Hong Kong and Macau, it is well prepared for the tourism rebound and recovery of consumption and entertainment sentiment, and is confident regarding the long-term development of the group.”
Hong Kong makes up about 15-20% of Macau’s gross gaming revenue. Yet, while talks between the two regions have resumed, any concrete plans are still weeks away.
The current goal is for Hong Kong to record 28 days without any new infections, before the travel bubble implementation can move forward.
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