Tuesday, June 25, 2024
HomeNewsMacauEmperor Entertainment FY23 revenue down 30%, loss narrows to $12.54 million

Emperor Entertainment FY23 revenue down 30%, loss narrows to $12.54 million

Emperor Entertainment Hotel Ltd. has issued the financial results for the 12 months ended March 31st, noting that the firm recorded a net loss narrowed 81 percent yearly to HK$98.2 million ($12.54 million).

According to a filing, Macau satellite casino operator Emperor Entertainment says that its revenue stood at HK$291 million ($37.2 million) for FY23, down 30 percent from the prior year, while gaming revenue at Grand Emperor was down by 66.3 percent to HK$87.7 million ($11.2 million).

Emperor Entertainment notes that the gaming operation was run by SJM Resorts, S.A. from June 27th until the end of 2022 due to the new gaming concession and COVID outbreak. Gaming revenue in 2023 accounted for 30.1 percent of the group’s total revenue, while the figure was 62.7 percent in 2022. 

Moving forward

Regarding the elevated competition in the region, Emperor Entertainment says it will continue strengthening its market presence by ‘capitalizing on its brand awareness arising from its long establishment and popularity in Chinese-speaking communities.’

In the announcement, the company says that cit has been benefiting from the reopening of borders between Macau, Hong Kong, and mainland China and the lifting of the inbound quarantine measures for all travelers in early 2023.

‘The numbers of visitor arrivals to Hong Kong and Macau increased substantially – surging by over 300 times and more than doubling, respectively, from the first quarter of 2022 to the first quarter of 2023,’ it noted.

‘Both personal travel and business travel have resumed, and there has been a notable rebound in consumption and entertainment sentiments. All these factors demonstrated the return of hospitality and gaming demand in the regions during the Year.’

Emperor Entertainment also mentions that an indirect wholly-owned subsidiary of the company entered into an agreement with SJM for the provision of services including but not limited to selling, promotion, publicity, management, and customer development to SJM in Grand Emperor Hotel for a term of 3 years commencing January 1st, 2023.

‘This was based on consideration of clearer visibility regarding the future development of Macau’s gaming industry, following the Macau Government’s announcement of awarding 10-year gaming concessions to six casino operators, including SJM‘, it reads.  

Viviana Chan
Viviana Chanhttps://agbrief.com/
Viviana Chan is an editor, interpreter, and journalist. With over a decade of experience, she writes in English, Chinese, and Portuguese. Viviana started her career in Macau-based newspapers, where she became passionate about the region's social, financial, and cultural development. Her writing focuses on the economy, emerging industries, gaming development, political affairs, and cross cultural-exchange in the business and cultural domains. She is avid for news and eager to discover and cover stories that generate public relevance.



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