Century Entertainment International Holdings, a Hong Kong-listed gaming investor, plans to start its new VIP gaming business by early September at two VIP rooms in Cambodia. This comes after the company fell to a loss of HK$24.2 million (US$3.1 million) for the financial year ending March 31, 2024.
Formerly known as Amax International, Century Entertainment previously canceled an agreement with its Chairman and CEO, Ng Man Sun, to operate VIP gaming tables at a Cambodian casino and signed a new agreement directly with the casino owners to operate over seven VIP tables.
While the company did not give a fixed timeline for starting up the new VIP gaming tables for games like baccarat, blackjack, poker and other thrilling games, it shared in its financial results update on Tuesday that it plans to open the VIP gaming room in September this year.
Besides, Century Entertainment is also looking for new gaming opportunities in Cambodia and other countries, including potential markets in Thailand, where the government are planning to legalize casino gaming.
“Looking beyond Cambodia, the Group will closely monitor the developments in neighboring Thailand, where plans to legalize casinos are underway,” it said. “This presents a compelling opportunity for geographic expansion, and the Group will be well-prepared to adapt its strategy accordingly to seize emerging market dynamics.”
The company believes that opening the Cambodian VIP gaming business is crucial for them, as they have faced substantial losses for four years and currently have net liabilities of HK$79.8 million (US$10.2 million), which actually raises doubts about the company’s financial stability and growth ahead.
The company believes that starting the VIP gaming business in September this year could help them to improve their revenue in the latter half of 2024. Despite some uncertainties on their way, Century Entertainment is optimistic about providing sustainable returns to its shareholders.
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Source: asgam.com
