Cambodian table games operator Century Entertainment reveals that its acquisition of eight gaming table businesses in a casino in Dara Sakor is pending.
The information was updated via its interim financial results, which ended on September 30. Century Entertainment signed a five-year agreement to operate eight gaming tables at its casino in the country this February. However, ‘the completion of the acquisition is subject to approval from independent shareholders of the company. Up to the date of this announcement, the approval has not yet been obtained, and the acquisition is not yet completed.’
According to the previous statement, the company entered into an agreement with a company controlled by its CEO Ng Man Sun at a consideration of HK$58 million ($7.39 million), which is offset by the amount owned by the company’s CEO and his fully-owned subsidiary Lion King, amounting to the same value.
The new casino in Dara Sakor, Koh Kong province, is 10,500 square meters in size, with the casino areas consisting of 7,000 square meters.
The property consists of a total of 20 mass gaming tables – including baccarat, poker, blackjack, and sic bo – as well as 50 electronic gaming machines, 25 VIP tables, and a Chinese restaurant.
The company is leasing the casino and gaming license until April 2036.
Net loss tops $1.4 million
According to its interim financial results, Century Entertainment incurred a consolidated net loss after taxation attributable to owners of HK$11 million ($1.4 million) for the six months ended on September 30, 2023, and had consolidated net current liabilities of approximately HK$52.7 million ($6.8 million) as of September 30, 2023.
Century Entertainment mentions that Cambodia is targeting 5.6 million international tourists in the next year and is poised to reach 7 million in 2025, surpassing the pre-COVID-19 pandemic level of 6.6 million in 2019.
‘On the backdrop of such a positive industry outlook, the Group will continue to focus on its core Gaming Table Business and make every effort to expedite the circular dispatch regarding the eight gaming tables, aiming to resume its business at the earliest possible.’
‘To further diversify risks and revenue streams, the Group has also been actively discussing opportunities in the VIP gaming table business in Cambodia, as well as in the entertainment industry in the Southeast Asian region.’ It states.
