Emperor Entertainment Hotel Limited, which operates the Grand Emperor Hotel and Inn Hotel Macau, has reported a 35.2% boost in profit for the year ended 31 March 2017 due to a reduction in exchange loss on Renminbi deposits and a reduction in the loss on fair value changes of investment properties.
Profit for the 12 months was HK$346.5 million, up from HK$256.2 million in 2016 despite a 6.3% decline in revenue to HK$1.6 billion. It also overcame the loss of HK$12.9 million as a result of a former casino cashier stealing casino chips. The former employee was subsequently jailed.
Gaming revenue for the 12 months, which accounted for 84.4% of total revenue for the group, declined slightly to HK$1.36 billion, down from HK$1.45 billion in 2016. However, VIP revenue in its 10-table VIP room grew by 3.6% to HK$546.4 million, accounting for 33.9% of total revenue for the group.
In a filing to the Hong Kong Stock Exchange, Emperor Entertainment said, “The operators have been shifting focus to tourists and recreational gamblers by adding more non-gaming facilities. The Group is cautiously optimistic towards the long-term prospects of Macau, riding on its solid fundamentals and long-withstanding position as a premier global gaming and entertainment destination.
“The Group remains committed to enhance its overall efficiency and strengthen its market position through capitalizing on its competitive edges, including a strong network of quality customers and an exquisite customer service.”
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