IEC expects HK$75 million loss for FY18

Hong Kong-listed gaming and entertainment firm, International Entertainment Corp. says it is expecting to record a loss of “not more than” HK$75 million (US$9.6 million) for the year ended March 31, 2018.

The loss is widened from a loss of HK$41.8 million in the prior year.

IEC said the expected loss was mainly due to a fair value loss of its investment properties, among other things.

IEC is mainly involved in the operation of hotels, and the leasing of properties for casino and ancillary leisure and entertainment operations.

It is the owner of Hotel Group in Philippines, which owns a deluxe casino hotel in Metro Manila, named AG New World Manila Bay Hotel, which of 32-floors with over 370 guest rooms and a gaming facility.

Last month, IEC announced it had finalized an accord to buy the U.K.’s Wigan Athletic Football Club, for GBP22.4 million ($29.9 million). The Hong Kong group said the acquisition was to help diversify its revenue sources.

In the same month, IEC also reached an accord with The Stars Group to operate land-based live events and poker rooms under the branding of PokerStars in certain Asian countries.

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