Monday, August 08, 2022

China Star Ent records widened loss in 17H1

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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