Asia Pioneer Entertainment said it was cancelling lease agreements to casinos in Cambodia and the Philippines due to non-payment of rent and said it will write off about HK$26 million ($3.4 million) in the first half as a result.
The company said the leases related to an accord entered with Siam Star Leisure in 2018 for a casino in Cambodia and an accord with GLIMEX Inc. for the provision of electronic gaming machines in the Philippines.
As of the date of the May 21 announcement to the Hong Kong Stock Exchange, Siam Star failed to pay lease rental of about HK$17 million and GLIMEX owed $9 million. Under the terms of the contract, the leases could be cancelled without the need for notice.
APE is now demanding the return of the machines and said it will seek out new lessees in Macau, or other Southeast Asian companies.
Last month, the group reported a loss for the first quarter of $4.1 million, compared with a loss of $1.9 million the year earlier due to the slowdown of orders due to the Covid-19 crisis.
Revenue in the period plunged 70 percent to $2.4 million.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
PUBG will not be able to return to India until at least March 21 as the company has been unable to secure a meeting with government officials to discuss the situation. The game, which previously was distributed in India by Tencent, was one of more than 100 apps banned on national security grounds due to their links to China.
This is the last Thank Goodness it’s Friday for 2020 and a suitable time for reflection and a look ahead at what we might expect for 2021. While it’s likely a year that most would like to forget, there have been positives. One is the speed and agility with which the industry has moved to adapt to change.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.