Century Entertainment International Holdings reported a widening net loss of HK$45.7 million ($5.9 million) for the fiscal year ended March 31st, 2025, nearly doubling from a loss of HK$24.2 million ($3.1 million) in the prior year, according to annual results filed Thursday with the Hong Kong Stock Exchange.
The company has halted trading as of June 26th, before the market opened.
The gaming company, which operates VIP rooms in Dara Sakor, Cambodia, recorded zero revenue for both fiscal years 2025 and 2024, while its auditors raised material uncertainties about the company’s ability to continue as a going concern. The group’s net liabilities ballooned to HK$125.5 million ($16.1 million) from HK$79.8 million ($10.2 million) the previous year.
The deteriorating financial position stems from increased costs of sales, financial costs, and impairment losses on other receivables totaling approximately HK$25.4 million ($3.3 million). Loss per share expanded to 35.67 HK cents from 18.88 HK cents in the prior year.
Century Entertainment faces severe liquidity constraints with cash and cash equivalents of just HK$4.1 million ($526,000) against net current liabilities of HK$102.6 million ($13.2 million). The company has been in default on HK$30 million ($3.9 million) in loans from an independent third party since 2020, with net cash outflows from operations reaching HK$23.9 million ($3.1 million) for the year.
Auditors issued a disclaimer opinion, citing insufficient evidence to support management’s going concern assessment due to lack of supporting data for forecasted results and cash flows.
Despite the financial challenges, Century Entertainment reported a non-binding memorandum of understanding on June 10th to establish a joint venture with a Philippines-based gaming company licensed by PAGCOR.
The Hong Kong-incorporated joint venture would see Century Entertainment hold a 51 percent stake, contributing technical support and market access while the Philippine partner provides gaming platform technology and intellectual property.
