Cambodian table games operator Century Entertainment has recorded no revenue for the six-month period that ended September 30th, while racking up HK$5.84 million ($747,000) in debt during the period.
The lack of revenue was ‘mainly attributable to the spread of COVID-19 and the imposed lockdown measures and temporary closure of all casinos in Cambodia’ as well as the fact that the company’s ‘work on the re-opening of the gaming table was still in progress’.
In the group’s most recent stock exchange filing, it noted that its loss was a 72 percent yearly decrease.
It says its mass gaming table business was paused due to COVID measures requiring ‘additional time’ to ‘fulfill the relevant conditions precedent and finalize the legal opinion’.
It now anticipates that ‘all the procedures will be completed by the end of this year, with business fully back on track in the upcoming year’.
It specifically states it is targeting December for the ramp-up of the new gaming tables.
Earlier this year, the group announced that it would be moving its casino to Dara Sakor, Koh Kong Province, which it is still attempting to do. Upon completion, the group will have gaming table business rights in the location for five years from the date of the new casino reopening.
The group is expecting resumed operation by the end of November, with expectations it will ‘start contributing financially in 2023’, based upon which it expects ‘its business will return to an upward trajectory in the coming financial year’.
The group is currently working to negotiate its net liabilities of HKD63.92 million ($8.09 million), by negotiating with creditors to propose debt restructuring.
It currently states that it ‘will have sufficient working capital for its current requirements and it is reasonable to expect the Group will remain as a commercially viable concern’.