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    296   BMG313891027

EMPEROR ENTERTAINMENT HOTEL LIMITED

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Emperor Entertainment Hotel : 2021/2022 Interim Results Announcement

11/25/2021 | 08:10am EST

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited (the "Stock Exchange") take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

*

(Incorporated in Bermuda with limited liability)

(Stock Code: 296)

2021/2022 INTERIM RESULTS ANNOUNCEMENT

The board of directors (the "Board" or "Directors") of Emperor Entertainment Hotel Limited (the "Company") announces the unaudited condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 30 September 2021 (the "Period").

FINANCIAL SUMMARY

For the six months ended

30 September

2021

2020

(Unaudited)

(Unaudited)

HK$'000

HK$'000

Revenue

223,379

92,875

Gaming revenue

149,731

51,094

- From mass market hall

108,597

37,205

- From VIP room

31,655

6,028

Hotels and serviced apartments revenue

73,648

41,781

Gross loss

(22,131)

(108,425)

Loss attributable to owners of the Company

(83,968)

(141,810)

Basic loss per share

HK$(0.07)

HK$(0.12)

Dividends

Special dividend per share

HK$0.05**

-

Interim dividend per share

HK$0.015

HK$0.015

*

for identification purpose only

**

the relevant special dividend was distributed in June 2021

Emperor Entertainment Hotel Limited

2021/2022 Interim Results Announcement

- 1 -

MANAGEMENT DISCUSSION AND ANALYSIS

RESULTS

Supported by a gradual recovery of the gaming market in Macau, the Group's total revenue increased to HK$223.4 million (2020: HK$92.9 million) during the Period. Though there were a few sporadic Covid-19 outbreaks in Macau and mainland China during the Period, visitation to Macau has been picking up and entertainment and consumption sentiments have improved. The Group's gaming revenue increased by 193.0% to HK$149.7 million (2020: HK$51.1 million), accounting for 67.0% (2020: 55.0%) of the total revenue. Loss for the Period attributable to the owners of the Company was narrowed to HK$84.0 million (2020: HK$141.8 million). Basic loss per share was HK$0.07 (2020: HK$0.12). The Board has resolved to declare an interim dividend of HK$0.015 (2020: HK$0.015) per share. Together with the special dividend of HK$0.05 per share, which was distributed in June 2021, dividends relevant to the Period totalled HK$0.065 per share.

BUSINESS REVIEW

The Group principally engages in provision of entertainment and hospitality services. It currently operates five hotel and hotel-related projects in Macau and Hong Kong, as follows:

  • Grand Emperor Hotel ("Grand Emperor Hotel"), a hotel with gaming facilities in Macau;
  • The Emperor Hotel ("Emperor Hotel") and Inn Hotel Macau ("Inn Hotel"), which are in Hong Kong and Macau, respectively; and
  • The Unit Serviced Apartments ("The Unit") and MORI MORI Serviced Apartments ("MORI MORI") in Hong Kong.

On 28 May 2021, the Group acquired Emperor Hotel, The Unit and MORI MORI from Emperor International Holdings Limited ("Emperor International"), its parent company, through the acquisition of subsidiaries (details as shown under the section headed "Financial and Other Information") at a cash consideration of approximately HK$2,048.8 million (the "Acquisition"). Upon completion of the Acquisition, the Group retains its core focus on gaming hotel operations, with the sources of income widened by expanding its hospitality business coverage beyond Macau to also include Hong Kong.

Emperor Entertainment Hotel Limited

2021/2022 Interim Results Announcement

- 2 -

About Grand Emperor Hotel

Grand Emperor Hotel, the Group's flagship project, on the Macau Peninsula, is an award- winning 26-storey gaming hotel with a gross floor area of approximately 655,000 square feet and 311 guest rooms. It has six gaming floors, covering over 130,000 square feet, and offers slot machines as well as gaming tables in the mass market hall and the VIP room. In addition, Grand Emperor Hotel offers a wide range of amenities including fitness centre, sauna and spa facilities, as well as five restaurants and bars boasting fine cuisines from all around the world. With strong commitment to providing guests with unparalleled entertainment and hospitality experiences, the Group delivers consistently top-quality services that translate into high levels of customer satisfaction and loyalty.

About Emperor Hotel

Emperor Hotel, a 29-storey hotel in Wan Chai, is the Group's signature project in Hong Kong. It offers 299 guest rooms together with leisure, dining and parking facilities, with a gross floor area of approximately 115,000 square feet. Emperor Hotel creates a comfortable experience, catering to the lifestyles of both leisure and business travellers. Golden Valley, a Cantonese & Sichuan cuisine within the hotel, had been rated as a Michelin 1-star restaurant.

About Inn Hotel

Located at the heart of Macau's Taipa Island, Inn Hotel is a 17-storey hotel with a gross floor area of approximately 209,000 square feet, and 287 guest rooms. Through extending business coverage from the Macau Peninsula to Taipa, it enables the Group to fully capture the potential of Macau's hospitality market.

About The Unit

The Unit, a 21-storey,68-unit block in Happy Valley, is a highly sought-after residence given its ease of access to the central business district. The area is vibrant, conveniently located near Hong Kong's commercial districts, and affords easy access to the shopping districts in Causeway Bay, Hong Kong Jockey Club and Hong Kong Stadium for international sports events, and Hong Kong Sanatorium & Hospital for medical check-ups, helping to ensure solid short-term leasing demand.

About MORI MORI

Situated at the vibrant junction of Wan Chai and Causeway Bay, MORI MORI provides 18 stylish serviced apartments for expats, MICE visitors, business travellers and overseas professionals, on short-andlong-term leases. With state-of-the-art facilities and professional customer services, MORI MORI redefines the contemporary way of life.

Emperor Entertainment Hotel Limited

2021/2022 Interim Results Announcement

- 3 -

Gaming Revenue

The Group's casino in Grand Emperor Hotel is operated under the gaming licence held by SJM Resorts, Limited ("SJM"), previously known as Sociedade de Jogos de Macau, S.A..

Mass Market Hall

The mass market gross win during the Period was HK$190.7 million (2020: HK$65.3 million). Revenue from the mass market hall increased by 191.9% to HK$108.6 million (2020: HK$37.2 million), contributing 72.5% (2020: 72.8%) of the Group's total gaming revenue. There were 67 (2020: 67) tables in the mass market hall. Average win per table per day was approximately HK$15,600 (2020: HK$5,300).

VIP Room

The Group self-managed a VIP room with 10 (2020: 10) tables. The rolling amount during

the Period was HK$1,962.4 million (2020: HK$226.9 million). Revenue from the VIP

room increased by 426.7% to HK$31.6 million (2020: HK$6.0 million), contributing 21.2%

(2020: 11.8%) of the Group's total gaming revenue. Average win per table per day was

approximately HK$30,500 (2020: HK$5,800).

Slot Machines

With a capacity of 180 (2020: 180) slot seats as at 30 September 2021, the gross win from

slot machines during the Period was HK$20.0 million (2020: HK$16.6 million). Revenue

from the slot machines increased by 20.3% to HK$9.5 million (2020: HK$7.9 million),

accounting for 6.3% (2020: 15.4%) of the Group's total gaming revenue. Average win per

seat per day was HK$607 (2020: HK$502).

Hotels and Serviced Apartments Revenue

Although travel restrictions continued to impact on the tourism and hospitality industries during the Period, the Group's revenue base was widened after the Acquisition on 28 May 2021, which resulted in the hotels and serviced apartments revenue for the Period increasing by 76.3% to HK$73.7 million (2020: hotel revenue of HK$41.8 million), accounting for 33.0% (2020: 45.0%) of the Group's total revenue. Total room revenue was HK$24.6 million (2020: HK$15.2 million). Total food and beverage revenue was HK$38.1 million (2020: HK$18.7 million), while the rental income and other revenue totalled HK$11.0 million (2020: HK$7.9 million).

Emperor Entertainment Hotel Limited

2021/2022 Interim Results Announcement

- 4 -

OUTLOOK

With the expansion of the middle-income group in mainland China, more comprehensive transportation linkages, plus further integration into the Greater Bay Area, Macau's position as a global leisure and tourism hub will be reinforced, as well as Hong Kong's position as a popular shopping destination and international finance centre. These will benefit the entertainment and hospitality services sectors in Macau and Hong Kong, given that travellers invariably include both cities in a single itinerary, due to their close proximity while having distinct characteristics yet complementary positioning. With the Group now strategically owning several hotels and serviced apartments in Hong Kong and Macau, it will be able to adopt a comprehensive marketing strategy for its hospitality business as a whole, and deliver unparalleled services to travellers visiting both these cities.

Amid the uncertainties caused by Covid-19, the Group will continue to closely monitor the development of the pandemic situation and strictly adhere to all necessary safety measures in its hotels and serviced apartments. As soon as the travel restrictions and health quarantine measures across borders within the Greater Bay area are eased, the Group expects that visitation and spending will rebound afterwards, resulting in a boost to the tourism industry in Macau and Hong Kong altogether. The Group strives to stay competitive in the marketplace, and anticipates reaping the greatest possible benefits when the market revives.

FINANCIAL AND OTHER INFORMATION

Capital Structure, Liquidity and Financial Resources

During the Period, the Group utilised approximately HK$2,048.8 million for the Acquisition, hence its aggregate of bank balances and cash, short-term bank deposits and pledged bank deposits decreased to HK$1,166.3 million (31 March 2021: HK$3,340.1 million) as at 30 September 2021, which is mainly denominated in Hong Kong dollar (31 March 2021: Hong Kong dollar and Renminbi). The Group continued to maintain a strong financial position and funded its operations and capital expenditure by cash generated from its operations and deposits reserved at the banks. During the Period, the Group was not exposed to significant foreign exchange rates as most of the Group's assets, liabilities and transactions were transacted at and denominated in the functional currency of its foreign operations.

Emperor Entertainment Hotel Limited

2021/2022 Interim Results Announcement

- 5 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Emperor Entertainment Hotel Ltd. published this content on 25 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 November 2021 13:09:01 UTC.


© Publicnow 2021
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Financials
Sales 2021 302 M 38,7 M 38,7 M
Net income 2021 -178 M -22,8 M -22,8 M
Net cash 2021 3 210 M 412 M 412 M
P/E ratio 2021 -7,30x
Yield 2021 2,83%
Capitalization 1 137 M 146 M 146 M
EV / Sales 2020 -1,91x
EV / Sales 2021 -6,39x
Nbr of Employees 770
Free-Float 28,9%
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Chi Fai Wong Executive Director
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