Asian casino and entertainments firm Century Entertainment International Holdings Limited has reportedly announced that it is soon expecting to detail a net deficit for the twelve months to the end of last March of approximately $5.15 million.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm is due to publish its most recent annual financial results before the end of the month and that the anticipated deficit will be similar to the about $5.04 million shortfall it chalked up for the preceding twelve-month period. The source detailed that the company used an official Friday filing to blame the projected upcoming loss on amortization and impairment charges associated with the ‘intangible assets’ of its gaming table and virtual reality businesses worth around $1.75 million and $3.41 million respectively.
Century Entertainment International Holdings Limited, which was known as Amax International Holdings Limited until undergoing a 2019 name-change, reportedly used the filing to assert that it has been hurt by the continued wait in launching mass-market gaming table operations in Cambodia. This purportedly comes after the firm’s Chairman and Chief Executive Officer, Ng Man Sun, made the decision last year to relocate a planned casino for the seaside resort of Sihanoukville to a new location in the nearby Dara Sakor investment zone.
Century Entertainment International Holdings Limited reportedly inked a deal some two years ago that saw it pay almost $15.48 million so as to obtain a five-year license to run a gambling-friendly establishment in the city of Sihanoukville. However, this agreement was purportedly put on hold in April of 2020 after Cambodia shuttered all of its casinos owing to the coronavirus pandemic.
The intervening months then reportedly saw Century Entertainment International Holdings Limited opt to take advantage of an attractive offer to move its projected Sihanoukville casino some 37 miles to a site within the Dara Sakor precinct, which is being developed as part of China’s ambitious ‘Belt and Road’ initiative. This new 113,000 sq ft venue had purportedly been scheduled to open during the first quarter of the year featuring 20 mass-market gaming tables as well as 25 VIP counterparts, 50 electronic units and a restaurant but has yet to welcome its first guests.
Century Entertainment International Holdings Limited reportedly proclaimed that it is furthermore involved in the development of ‘innovative intellectual properties and technological solutions’ that are connected to the provision of mobile gaming, virtual reality and augmented reality applications.
Read the filing (pdf) from Century Entertainment International Holdings Limited…
“Shareholders of the company and potential investors should take careful consideration of the company’s announcement regarding the 2021 annual results, which are expected to be published before the end of June. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.”