Lower gaming revenue sees Emperor E fall to US$23 million FY21 loss

Emperor Entertainment Hotel Ltd, operator of Macau’s Grand Emperor Hotel and Inn Hotel Macau, has reported a loss of HK$177.6 million (US$22.9 million) for the year to 31 March 2021, down from a profit of HK$263.9 million (US$34.0 million) in the prior year due to the impact of the COVID-19 pandemic.

The loss came on the back of a 73.6% decline in group-wide revenue for the year to HK$301.9 million (US$38.9 million), with gaming revenue falling from HK$926.8 million (US$119.3 million) to HK$209.1 million (US$26.9 million). Emperor E said the majority of that revenue came in the second half of the financial year, with the return of the Individual Visit Scheme for travellers form mainland China last September resulting in a 125% increase in revenue compared with the first half of the year.

Gaming, which accounted for 69.3% of the group’s FY21 revenue, suffered across all segments with revenue from the 67 mass market tables at Grand Emperor falling 77.9% to HK$138.0 million (US$17.8 million), while revenue from its 10 VIP tables fell 79.1% to HK$55.6 million (US$7.2 million). Slot machine revenue was down 56.6% to HK$15.5 million (US$2.0 million). By segment, mass contributed 66.0% of the group’s total gaming revenue, VIP 26.6% and slot machines 7.4%.

Hotel revenue across the two properties fell from HK$216.4 million (US$27.9 million) in 2020 to HK$92.8 million (US$11.9 million).

Despite the FY2021 loss, Emperor E said it has declared a special dividend payment of HK$0.050 per share, totalling HK$59.9 million (US$7.7 million), to be paid to shareholders on 25 June 2021.

It also expressed optimism for the future, pointing to the impending reopening of borders between Hong Kong and Macau as a positive development.

“With the Group strategically owning several hotels and serviced apartments in Hong Kong and Macau, it will be able to adopt a comprehensive marketing strategy for its hospitality business as a whole and deliver unparalleled services to travellers visiting both these cities,” it said.

“As the vaccination programmes are rolling out globally, it is expected that travel restrictions will be gradually lifted. With the Group’s strengthened footprint in Hong Kong and Macau, it is well prepared for the tourism rebound and recovery of consumption and entertainment sentiment, and is confident regarding the long-term development of the Group.”

The post Lower gaming revenue sees Emperor E fall to US$23 million FY21 loss appeared first on IAG.

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