Hong Kong-listed Century Entertainment International Holdings Ltd reported a loss of HK$6.2 million for the six months to 30 September 2020, reduced from HK$13.5 million over the same period in 2019 despite the temporary closure of its gaming businesses in Cambodia due to COVID-19.
Announcing its results on Thursday, Century Entertainment – formerly known as Amax International Holdings – said it accrued revenue of just HK$2.7 million, down 87.4% year-on-year, having seen all of its gaming business operations impacted.
In May, the company terminated a lease deal with Cambodia’s Crown Resorts Co Ltd to operate a VIP room with 13 gaming tables at Genting Crown Casino in Poipet as a result of a lengthy closure.
It is also still waiting for the opening of a new hotel and casino in Dara Sakor – a controversial Chinese-backed investment zone covering 360 square kilometers on the Cambodian coastline – where it plans to operate gaming tables under a deal it previously signed its own Chairman and CEO, Ng Man Sun. Mr Ng owns the casino in question.
Despite the absence of its key business lines, Century Entertainment said the decrease in loss was “primarily the result of loss incurred for the period which was mainly due to the decrease in revenue as mentioned above and the amortization of intangible assets for this period for continuing operations, which was then offset by the fair value gain on promissory notes and consultancy income.”
It added that the company “remains dedicated to strengthening Cambodia gaming business by riding on the Group’s comprehensive knowledge and in-depth experience in gaming industry in the Asia Pacific region.
“With the implementation of the Law on the Management of Integrated Resorts and Commercial Gambling (Cambodia’s newly promulgated gaming law), the Group believes that it will allow a more effective control and regulation over casino operation, gaining operators’ trust and facilitating the gaming industry in the long run.”
