Hong Kong-listed LET Group has indicated that it is expecting to record a loss amounting to approximately HK$215.6 million ($27.71 million) for 2024, compared to a profit of HK$58.7 million ($7.54 million) for 2023.
The group attributes the expected loss to increased expenses and the dissolution of a joint venture. In December of 2024, the group dissolved Gold Yield Enterprises, which was engaged in the Hoiana integrated resort in Vietnam.
The group indicated that the trading in its shares will continue suspended and that the dispatch of the company’s annual report for 2024 will be delayed until the end of June.
Trading in the company’s shares has been suspended since February 14th, 2024.
Meanwhile, the group’s subsidiary Summit Ascent Holdings announced that it is expecting to record profit of HK$38 million ($4.88 million) for 2024, reversing a loss from 2023. The group attributes the profit to an increase in revenue from gaming and hotel operations of 12 percent, totaling approximately HK$414.5 million ($53.28 million).
The group further notes this is due to ‘outstanding performance in mass table business’. The group operates the Tigre de Cristal hotel and casino in Vladivostok, Russia. Trading in shares of Summit Ascent also continues suspended, having been suspended at the same time as LET’s.
