Emperor Entertainment Hotel Ltd. saw a jump in profit for the year ended Mar. 31, 2017, attributed to a reduction in exchange loss on Renminbi deposits and fair value changes of investment properties.
The group, which operates the Grand Emperor Hotel and Inn Hotel Macau, reported profit of HK$346.5 million (US$44.4 million) a 35.2 percent year-on-year increase compared to the previous year.
Revenue for the group in the year declined 6.3 percent to HK$1.6 billion.
The casino at the Grand Emperor Hotel, which operates under a gaming license held by Sociedade de Jogos de Macau, S.A. saw gaming revenue down slightly to HK$1.4 billion, compared to HK$1.45 billion in 2016.
Revenue from the VIP room grew slightly to HK$546.4 million, a 3.6 percent increase.
The board recommended the payment of a final dividend of HK$0.057 per share for the year.
For this edition of our magazine, we focus on Southeast Asia, with a particular look at the Philippines. The country’s casino industry has been among the hardest hit in Asia, with the integrated resorts in Manila’s Entertainment City having remained mostly closed to the general public since the beginning of the crisis last year.
The world is bouncing back, or at least coming to grips with the fact that going forward not much will be the same as before. Commendably, this industry quickly understood the need to adapt to a new normal, and that the days of targeting the low hanging fruit of the VIP sector are gone.