Emperor Entertainment reports 38% revenue increase in 2021/22 annual results
Emperor Entertainment has published results for the 2021/22 financial year, as the hospitality and gaming service provider looks to bounce back from the impact of Covid-19.
The satellite casino reported a 38% increase in total revenue, rising to HK$415.9m (US$52.9m) from HK$301.9m the previous year. An increase in fair value loss and impairment loss during the year led to a recorded yearly loss of HK$528.3m, attributable to the company owners. Basic loss per share was reported at HK$0.44, compared to the 2021 figure of HK$0.15.
Total dividends for the year were reported at HK$0.065 per share, this comprised the special dividend distributed in June 2021 of HK$0.050 per share and the interim dividend of HK$0.015 per share.
Gaming revenue saw a 25% increase from HK$209.1m in 2021, to HK$260.6m. Revenue from the mass-market hall stood at HK$179.0m, while revenue from the VIP room was HK$65.0m.
In a statement, Emperor detailed the impact that Covid-19 and the resulting lockdown restrictions have had, and continue to have on its businesses. Despite “life gradually returning to normal”, lingering restrictions on travel and domestic entertainment have seen Emperor face operating challenges in the tourism and hospitality sectors.
Additionally, the statement commented on how Chinese government policies and credit issues in China’s property industry have adversely impacted the economy and hindered market recovery.
In its outlook on future business, the company noted that the continued easing of lockdown restrictions will allow for further revenue growth, and that despite near-term uncertainties it remains “optimistic about the sector’s long-term growth prospects.”
Furthermore, the Emperor Board of Directors announced its intent to amend existing company byelaws and adopt new byelaws to conform with the latest rules governing the Listing of Securities on Hong Kong’s Stock Exchange.
These amendments and new byelaws will be subject to the approval of company shareholders, determined by way of a special resolution at the AGM on 18 August 2022.
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