Asian casino and entertainments firm Century Entertainment International Holdings Limited has reportedly revealed that its loss for the twelve months to the end of March grew by almost 13% year-on-year to top $5.53 million.
According to a report from inside Asian Gaming, the Hong Kong-listed company chalked up a $4.91 million shortfall for the earlier twelve-month period and is now said to be seriously considering its future prospects. The source detailed that the enterprise recorded aggregate revenues of only about $90,000 for the most recent financial year as its business in Cambodia suffered through shutdowns brought on by the coronavirus pandemic.
Century Entertainment International Holdings Limited was previously known as Amax International Holdings Limited and reportedly paid almost $15.48 million in 2018 so as to obtain a five-year license to run a gambling-friendly establishment in the Cambodian city of Sihanoukville. However, this agreement was purportedly put on hold in April of 2020 after the Asian nation shuttered all of its casinos owing to the coronavirus pandemic, which subsequently prompted the firm’s Chairman and Chief Executive Officer, Ng Man Sun, to move the site for this coming casino to the nearby Dara Sakor investment zone.
The seaside Dara Sakor precinct, which lies some 37 miles north of Sihanoukville, is reportedly being developed as part of China’s ambitious ‘Belt and Road’ initiative and was due to have debuted a new 113,000 sq ft casino from Century Entertainment International Holdings Limited during the first quarter. However, this facility with its 45 gaming tables has yet to welcome a single punter owing to the fact that construction has been continually hindered by a string of coronavirus-related lockdowns and travel restrictions.
Century Entertainment International Holdings Limited reportedly used an official Tuesday filing to proclaim that ‘material uncertainties’ such as these have ‘cast significant doubt’ on the ability of its business ‘to continue as a going concern’. Nevertheless, the company purportedly declared that the terms of its Cambodian casino licensing deal remain unchanged to guarantee it a first-year profit from its Dara Sakor project of at least $3.59 million, which it subsequently expects will rise to around $4.12 million.
Reportedly read the filing from Century Entertainment International Holdings Limited…
“As of the date of this report, all the necessary decoration and equipment installation at the new casino has been completed although system testing and casino staff training remains pending. In view of the current strict lockdown measures imposed in Cambodia and new wave of the outbreak, the actual re-opening day is yet to be confirmed. We will continue to work on preparation and strive for re-opening as soon as the current coronavirus situation in Cambodia eases and personnel are able to move around the city.”