Emperor Entertainment Hotel Limited has lost approximately MOP161.8 million (21 million US Dollar) you may have lost your profit. Hong Kong Stock Exchange.
Citing a bleak business outlook, the Hong Kong-listed company announced in April that it would cease gaming operations at downtown’s Grand Emperor Hotel on June 26. However, it was later revealed that SJM would take over the casino until the end of the year.
The Hong Kong-listed group believes part of its loss was due to its casino business still running during its Covid-hit period. .
“The Group has not yet suspended its gaming business during the period, and the difficult business environment has led to a loss of business,” the filing read.
The company added that temporary expenses such as severance payments associated with the discontinuation of its gaming business, as well as the loss of fair value of its investment properties, were also to blame.
Group interim results are expected to be announced in late November 2022.