Hong Kong-listed Emperor Entertainment Hotel Limited issued a positive profit alert on Tuesday ahead of an expected group-wide profit of at least HK$50 million (US$6.4 million) for the financial year ended 31 March 2024.
Such a result would reverse the HK$128 million (US$16.3 million) net loss in the prior year period.
Emperor E operates Macau’s Grand Emperor Hotel as well as gaming operations at the property under license from SJM Resorts S.A. It also runs various hotels and serviced apartments in both Macau and Hong Kong.
In a filing, Emperor E said the reversal in fortunes was “mainly because the Group’s total revenue significantly increased by over 150% during the year, which was driven by the revival of the number of visitor arrivals as well as the recovery of hospitality and entertainment demand.”
Full results are due to be published by the end of June, it added.
Emperor E had in 2022 ceased the operations of the satellite casino at Grand Emperor before revealing in early January 2023 that it had signed a new service agreement with SJM to resume day-to-day operations for a period of three years until 31 December 2025.
Under the terms of the agreement, the company’s subsidiary Tin Hou Ltd is paid a percentage of gross gaming revenue.
Earlier this year Emperor E announced a revised agreement with SJM under which the maximum amount it can be paid under Annual Caps for services rendered in 2024 and 2025 had been increased due to the faster than expected recovery of Macau’s gaming and leisure market throughout 2023.
