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.
AstroPay is the pioneer payment solution for thousands of consumers in Latin America, Asia and Africa, who want to purchase online on international sites, that helps merchants access new markets through its main product, AstroPay Card.
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.
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.
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.