Hong Kong-listed Pioneer Entertainment said it expects to record an unaudited loss of approximately HK$4 million for the three months ending March 31, 2020, due to a slowdown caused by the coronavirus.
The group is expected to record a 70 percent decrease in revenue to HK$2.3 million, down from HK$7.9 million in the prior-year period due to a reduction in new orders from its major customers – the Macau casino operators.
The company explained that the temporary closure of casino operations during February has delayed and canceled orders.
Consolidation of the bases and advancement in adversity was the thrust of Macau Chief Executive’s policy address for 2021, though it gave little away when it came to the current pillar of the economy - the gaming industry.
Gaming suppliers, like all areas of the industry, have felt the pinch from the Covid-19 crisis, though their growing digital businesses have proved a bright spot and helped offset the impact of the crisis.
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.