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Emperor Entertainment Hotels Ltd has warned that it could lose about 161.8 million patacas (US$21 million) in the six months to September 30, 2022 due to poor business conditions and employee-related expenses. profit. Hong Kong Stock Exchange.
Citing a bleak business outlook, the Hong Kong-listed company announced in April that it would cease its gaming operations at the Sovereign Hotel in the city center on June 26.But later found SJM Will take over the casino until the end of the year.
The Hong Kong-listed group attributed the losses in part to the fact that its money-losing casino business was still operating during the ravages of the pandemic.
“The Group has not ceased its gaming business during the current period, and the poor operating environment resulted in a loss of business,” the document reads.
The company added that one-time expenses such as severance payments due to the cessation of gaming operations and the fair value loss of the company’s investment properties were also to blame.
The group’s interim results are expected to be announced in late November 2022.
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