Hong Kong-listed Century Entertainment International Holdings has confirmed that it has yet to launch a new table games business in Cambodia, nearly four years after it was first announced planning a relocation business From its former residence in Sihanoukville to Seven Stars Sea Casino.
Despite revealing in February that it had Agree to a new five-year agreement Century Entertainment said in its 2023 fiscal year results announcement on Friday that in order to operate eight gaming tables at the Qixinghai Hotel, the implementation of the transaction is subject to shareholder approval and that a relevant circular has not yet been issued to those shareholders.
It said that date had been pushed back to “on or before August 31, 2023” to allow time to incorporate more information.
The update comes as Century Entertainment recorded no revenue in fiscal 2023 and posted a net loss of HK$62.5 million ($8 million), widening from a loss of HK$3.7 million ($472,000) in fiscal 2022. However, the company has received commitments from its chairman and chief executive, Wu Wenxin, that he will not demand immediate payment of the HK$50 million ($6.4 million) convertible bonds owed to him, and that he will provide additional financial support if available Required, at least until June 30, 2024.
Talking about the company’s short-term prospects, Century Entertainment said: “In the challenging operating environment, the Group [has] Continuing to strengthen the business through staff training and casino refurbishment [throughout FY23].
“Considering the projected recovery of Cambodia’s tourism industry in 2023 and the gradual improvement of the global economy, the group remains optimistic that after completing all procedures, its business can recover soon and take advantage of the upward momentum when the market becomes more popular.”
The company added that it “targets that the mass market table game business can start contributing revenue in the second half of 2023.”