Hong Kong-listed International Entertainment Corp (IEC) has reported a 54.1% increase in revenue to HK$456.9 million for the year ended 30 June 2019, but the group’s loss also widened following the addition of two new business segments.
IEC, whose primary business focus has traditionally centered around the operation of New World Manila Bay Hotel & Casino and the leasing of the property’s casino and related gaming equipment to PAGCOR, has now included the running of Wigan Athletic Football Club – which it purchased in November 2018 – in its annual financial reports. It has also included live poker events after signing a collaboration agreement with The Stars Group to operate land-based live events and poker rooms under the branding of PokerStars in Macau, Japan, South Korea, Vietnam, Singapore, Malaysia and Cambodia.
Reporting a one-off 15-month financial year due to the company changing its annual end date from 31 March to 30 June, IEC announced on Wednesday a 22.1% increase in revenue from the leasing of properties to HK$229.5 million, comprising 50.2% of group-wide revenue for the year.
Revenue from hotel operations grew 30.5% to HK$141.3 million on the back of higher room rates and increased occupancy at New World Manila Bay Hotel & Casino.
Wigan Athletic Football Club added revenue of HK$80.9 million derived primarily from broadcasting, commercial and match day income, comprising 17.7% of the group’s revenue, while live poker events contributed just 1.1% at HK$5.2 million. IEC has so far operated two events in Korea under the PokerStars brand.
Despite higher revenues, IEC’s loss for the year also increased by 38.6% to HK$93.3 million due to a HK$51.8 million increase in the fair value of financial assets as well as losses accrued via the operation of the new football and poker business segments.
