Hong Kong-listed gaming investor Century Entertainment International Holdings says it expects to open its new Cambodian VIP gaming business in early September after falling to a HK$24.2 million (US$3.1 million) for the financial year ended 31 March 2024.
Century Entertainment, a former Macau junket investor known as Amax International, first revealed in May that it had cancelled an agreement it previously signed with its own Chairman and CEO Ng Man Sun to run VIP gaming tables at a casino in Cambodia, and inked instead a new agreement directly with the casino’s owners top operate seven VIP tables.
Although the company did not provide a timeline for starting up the new VIP table game business, it provided an update in its FY24 results announcement on Tuesday, outlining its expectation that the room will open in early September.
Century Entertainment also revealed it is on the lookout for more gaming opportunities in Cambodia and further abroad, including Thailand where moves are afoot to legalize casino gaming.
“Looking beyond Cambodia, the Group will closely monitor the developments in neighbouring Thailand, where plans to legalize casinos are underway,” it said. “This presents a compelling opportunity for geographic expansion, and the Group will be well-prepared to adapt its strategy accordingly to seize emerging market dynamics.”
Opening its Cambodian VIP table game business remains a pressing issue, however, with the company having booked substantial losses for four consecutive years and noting that, with net liabilities currently at HK$79.8 million (US$10.2 million), there is “significant doubt on the group’s ability to continue as a going concern.”
Resumption of its gaming business and recent undertakings around the provision of financial support by Ng Man Sun are among the core measures identified in keeping the company afloat.
“With the VIP rooms scheduled to be opened in early September, the Group is cautiously optimistic about its revenue contributions starting from the second half of 2024 and onwards,” it said.
“Despite the prevailing uncertainties, the Group remains cautiously optimistic and steadfast in its commitment to delivering sustainable returns to its shareholders.”
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