Asian casino operator New Silkroad Culturaltainment Limited has reportedly released its interim financial results for the six months to the end of June showing that gaming revenues had increased by 16.2% year-on-year to reach approximately $8.04 million.
According to a report from GGRAsia, the Hong Kong-listed firm used an official Tuesday filing to detail that gaming activities had accounted for 43.2% of its overall first-half revenues, which was 7.2% higher than for the same six-month period in 2018, while a sharp rise in associated VIP takings had led to this vertical’s gross profit swelling by some 56.3% to hit almost $2.41 million.
New Silkroad Culturaltainment Limited is responsible via its MegaLuck Company Limited subordinate for the MegaLuck Casino inside South Korea’s Jeju KAL Hotel although it also distributes and sells wines and a Chinese alcoholic beverage known as ‘baijiu’ across Asia.
Despite its gaming success, the firm purportedly declared that its overall deficit for the six-month period had risen by 20.5% to around $2.24 million and that it was to take a ‘conservative’ approach to its Jeju property owing to ‘political tension between South Korea [and] its neighboring countries’ along with ‘a change in our casino management team’.
GGRAsia reported that March saw New Silkroad Culturaltainment Limited’s local Macrolink Glorious Hill Company Limited subsidiary granted local permission to begin developing a Glorious Hill-branded casino resort on the island of Jeju. This venue for the Asian nation’s largest island has purportedly been envisioned in partnership with Melco Resorts and Entertainment Limited and is to be constructed in three phases beginning with a 580-room hotel that is to moreover offer a selection of recreation and entertainment facilities alongside restaurants, shops and a spa.
Reportedly read the filing from New Silkroad Culturaltainment Limited…
“We are very excited that the formal development approval was granted by the Governor of Jeju such that we can initiate the funding process for the development of phase one of the Glorious Hill project.”