Emperor Entertainment Hotel revenue down 51%
Emperor Entertainment Hotel, operator of the Grand Emperor Hotel, has reported total revenue of HK$108.6m (US$13.9m) for the six months to 30 September 2022.
The figure represents a 51% decline from the prior-year period, with the total revenue largely impacted by the cessation of the operator’s Macau gaming business.
In April this year, Emperor Entertainment announced that the Grand Emperor Hotel in downtown Macau was to cease gaming operations on 26 June, primarily due to the city’s pandemic struggles and changes to how satellite casinos are viewed under the new gaming law.
The casino was being run until that date under a service agreement with casino operator SJM Holdings, with SJM then taking over the running of the casino on 27 June.
Emperor Entertainment Hotel also saw its net loss in the six months to September 30 rise by 85% year-on-year to HK$155.7m, with a basic loss per share of HK$0.13, compared to HK$0.07 in the prior-year period.
The operator noted: “As a result of the discontinuation of gaming operation during the period, Emperor E Hotel’s total revenue decreased to HK$108.6m.
“Prior to the cessation of gaming operation, the tough business operating environment affected its business performance; while one-off expenses such as severance payments arose after the cessation of gaming operation, hence loss for the period attributable to owners of Emperor E Hotel of HK$155.7m was recorded.”
Emperor International oversees the provision of hospitality services via Emperor Entertainment Hotel, which covers a total of six hotels and serviced apartments in Hong Kong and Macau.
Commenting on the group’s latest results, Emperor International Vice Chairman and Executive Director Alex Yeung said: “A number of ongoing unfavourable factors including geo-political tension, stock market turbulence and interest rate hikes in response to inflation in certain countries have led to an unstable macroeconomic environment, hence weakening the overall investment and consumption sentiment.
“There will be significant improvement in the office leasing market only when the business environment recovers and business travellers return.”
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