Emperor International gaming revenue almost triples to HK$149.7m

The company’s flagship hotel the Grand Emperor in Macau experienced a significant revenue increase for the period increasing 140.5% to HK$223.4m, owed to the gradual recovery of Macau’s gaming market in the wake of the novel coronavirus (Covid-19) pandemic. HK$149.7m of the hotel’s revenue was derived from gaming – up 193.1% from 2020 – while HK$73.6m came from the hotel and serviced apartments.

The hotel made a gross loss of HK$22.1m, an improvement on the HK$108.4m loss suffered last year.

The business attributed the majority of the revenue increase to its sales of residential units in the Banshan Ba area. Overall income from property development sales came to HK$730m.

Rental income saw a slight decrease for the period, dropping from HK$450m to HK$440m.

Revenue from the company’s hotel services segment came to HK$220m, up 104.5% from last year thanks to relaxed travel restrictions between Macau and Mainland China.

For the business overall, gross profit for the period increased 45.9% to HK$410m. Factoring in an increase in property revaluation gains – up to HK$200m from a HK$980m loss in 2020 – net profit for the period came to HK$230m, a dramatic increase from the loss of HK$990m in 2020.

Zhang Bingqiang, executive director of Emperor International, said: “Emperor International has established a stable timetable for property development.

“Due to the limited land supply in Hong Kong, Emperor International will adopt a variety of methods to expand its land bank, including participating in heavy construction projects and urban renewal projects. Considering the continued huge housing demand, we remain cautiously optimistic about the long-term prospects of the local residential property market.”