China Star Entertainment, operator of Hotel Lan Kwai Fong in Macau, saw its loss widen by 225 percent to HK$127.1 million (US$16.2 million) for the six months ended June 30, 2017, compared to the prior year period.
The company said the loss was mainly attributable to a loss on an early redemption on promissory notes of HK$52.3 million, as well as the recognition of unrealized loss of approximately HK$57.2 million arising on a change in fair value of financial assets. The company also saw an increase in finance costs by around HK$16.3 million during the half year.
Total revenue for the period, generated mainly by its operations at Hotel Lan Kwai Fong Macau, was HK$335.6 million in the period, a decrease of 8 percent year-on-year.
Income from mass market table gaming fell 3 percent to HK$268.2 million, while VIP room table gaming fell 8 percent to HK$9.9 million. Slot machine revenue decreased 21 percent in the period to HK$1.8 million.
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