Emperor Entertainment Hotel Ltd, operator of Macau casino and hotel Grand Emperor, has issued a profit warning ahead of what it says will likely be a HK$230 million (US$29.6 million) loss for the six months to 30 September 2024.
In a filing, the company said the loss was due to a fair value loss on investment properties of not more than HK$270 million (US$34.7 million) compared with a fair value gain of HK$1.4 million (US$180,000) during the same period last year – a result of the downward trend of the valuation of the overall property market.
The profit warning comes despite Emperor E achieving total revenues of around HK$400 million (US$51.4 million), up from HK$372 million (US$47.8 million) during the same period last year. The company did not provide any guidance on what led to the increase in revenue.
Aside from its Macau casino interests, Emperor E also owns four hotels in Hong Kong. Interim results are due to be published later this month, it added.
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