China Star Entertainment warns of loss

China Star Entertainment said it expects to post a loss in 2016 due to the downturn in service income from its gaming operations in Macau as well as a loss incurred on new film releases.

The company, which owns the Hotel Lan Kwai Fong (Macau), said it is likely to record a loss of between HK$320 million ($41.1 million) and $360 million, compared with a profit of $107.8 million for the prior year, China Star said in a statement to the Hong Kong Stock Exchange.

The loss is due to a “significant decrease in revenue for service income from gaming operations as a result of the recession in gaming industry in Macau and the loss incurred in the new film released during the year in the amount of approximately HK$220 million”

It was also impacted by the recognition of unrealised loss of approximately HK$19 million arising on change in fair value of financial assets classified as held for trading investments as compared to unrealised gain of HK$99.6 million gain recognised in the previous year and the recognition of a loss on fair value change of investment properties of approximately HK$33 million during this year.

More news from this jurisdiction

Hong KongMonday, Jul 17, 2017

Hong Kong’s 2016/17 season came to an end on Sunday, with the Hong Kong Jockey Club reporting record turnover of HK$117.5 billion (US$15.1 billion) for the season, up 10.7 percent year-on-year.

Japan, Hong KongMonday, Jul 03, 2017

Japanese gaming mogul Kazuo Okada has reportedly filed a lawsuit against his son, daughter and wife in an attempt to regain control of Okada Holdings Ltd.

Hong KongSunday, Jun 25, 2017

Macau gambling magnate Stanley Ho has stepped down as executive chairman of Hong Kong conglomerate Shun Tak Holdings Ltd, with daughter Pansy Ho taking up the position.

Hong Kong, MacauThursday, Jun 22, 2017

A total of 346 concrete cube test results have been labelled as “problematic” since the investigation into the Hong Kong-Zhuhai-Macau bridge went underway.

Hong KongFriday, Jun 16, 2017

Landing International Ltd. owner Yang Zhihui on Wednesday acquired an additional 5.26 percent stake in Landing International Development, increasing his stake to 51.41 percent.

Hong KongThursday, Jun 01, 2017

Rexlot Holdings says its shareholder Keen Start has received tenders for 75.01 percent of its 2016 bonds and 75.05 percent of its 2019 bonds under a tender offer.

Hong KongThursday, Jun 01, 2017

Neptune Group, an investor in junkets in Macau, has asked for its shares to be suspended from trading on the Hong Kong Stock Exchange from June 1st.