Starlight Culture Entertainment Group Limited, formerly known as Jimei International Entertainment Group Limited, saw its revenue tumble by 84.8% to HK$20.2 million for the six months to 30 June 2017, booking a gross loss of HK$3.6 million and a total loss attributable to the owners of the company of HK$237.9 million on the back of significant decline in its gaming operations.
Starlight Culture, which also has interests in chemical products as well as the “media and culture” business, attributed the decline primarily to the ending of its junket arrangement with Cambodian integrated resort NagaWorld earlier this year. Revenue from the company’s gaming segment fell 93.5% from HK$130.6 million in 1H16 to HK$8.5million for the first six months of 2017 while gross profit decreased from HK$60.5 million to a loss of HK$4 million.
“Under the tightened credit control over the group’s gaming promotion business, this segment recorded a significant decrease in revenue and a gross loss for the six months period ended 30 June 2017,” it added.
Profit from Starlight Culture’s chemical and environmental protection products tripled to HK$367,000, while it is actively pursuing interests in the media and entertainment business following the appointment of American film director Felix Gray.
Mr Gray has directed a number of well-known films including The Fate of the Furious, Straight Outta Compton, The Italian Job, The Negotiator and Set It Off.
“During a term of three years, Mr Gray will develop three theatrical motion picture projects for the group’s consideration and approval,” it said. “If the Group approves such project(s), the group will further negotiate with Mr Gray for designating such project(s) for production and further details of the production film package which including but not limited to fully developed screenplays, detailed production budgets, tentative start dates, proposed locations, and suggested cast lists will be further discussed between the group and Mr Gray.
“Mr Gray may participate in the production of such approved project(s) as a director, a producer or an executive producer. Mr Gray also agreed that he will not engage with other Chinese owned or controlled company for similar arrangements.”
