Century Entertainment plans to reopen its gaming table business in Sihanoukville, Cambodia, in the second half of the year, bringing business back to normal and reducing the net loss of HK$3.7 million posted for 1Q2022.
The resurgence of the COVID-19 pandemic in Cambodia and the PRC prompted the group to relocate its casino in Sihanoukville has eventually to a property in Dara Sakor, Koh Kong Province.
Century Entertainment has now implemented a re-opening plan for the gaming tables business which is to be located in a new casino in Dara Sakor Investment Zone, Cambodia, and targets to commence the operation of the gaming tables business from September 2022 after the completion of systems testing and training of casino staff.
In its 1Q22 report, Century Entertainment posted revenue for the year ended 31 March 2022 amounting to approximately HK$0.2 million, compared to approximately HK$0.7 million for the year ended 31 March 2021.
The decrease in revenue was mainly attributable to the spread of COVID-19 and the temporary closure of all casinos in Cambodia since 1 April 2020 affecting the gaming table business and also that the work on the re-opening of the casino is still in progress.
Century Entertainment net loss for the year ended 31 March 2022 amounts to approximately HK$3.7 million, compared to approximately HK$43.0 million for the year ended 31 March 2021.
The change in net loss for the year ended 31 March 2022 was mainly due to fair value gain on financial assets and financial liabilities at fair value through profit or loss increased approximately by HK$43.1 million.
Loss per share amounts to approximately HK$2.87 compared to loss per share amounts to approximately HK$33.53 last year.
As a result of the severe business interruption in Cambodia due to the outbreak of COVID-19, the Gaming Business, which is the principal business of the Group, were suspended during the year ended 31 March 2022 and no revenue was recorded from the Gaming business throughout the years ended 31 March 2022 and 2021.
The total number of visitors to Cambodia dropped from 1.3 million in 2020 to 196,495 in 2021, representing a sharp decrease of 85%. As a result, the absence of international tourists and local consumers has further brought pressure to the Group’s operation.
As of 31 December 2021, despite Cambodia being one of the countries with the highest vaccination rates, travel restrictions remained in place all over the world and the global tourism industry was still largely halted.
Despite the headwinds encountered in 2021, the Company is confident that 2022 will mark a fresh start for its business. With the hope of economic recovery and the assignment of the gaming tables, the Group is dedicated to regaining its growth momentum by improving its business operations and seizing further market opportunities in the coming year.