Grand Emperor Hotel operator, Emperor Entertainment Hotel, posted a net loss of HKD177.6m ($22.9m) for the 12 months to 31 March 2021.
The result compares with a profit of HKD263.9m ($34m) in the previous fiscal year, according to a filing with the Hong Kong Stock Exchange on 22 June.
The company said its revenue for the 2020 fiscal year dropped by 73.6 percent year-on-year to nearly HKD301.9m ($38.9m). This was due to a 77.4 percent decline in gaming revenue at the downtown Macau property during the reporting period, which was down to to HKD209.1m ($26.9m).
Emperor Entertainment attributed the fall to a “drastic decrease in the number of visitor arrivals” to Macau, due to “travel and entry restrictions” as a consequence of the coronavirus pandemic.
The company reported negative adjusted earnings before interest, taxation, amortisation and depreciation (EBITDA) of HKD205.4m, compared to a positive figure of HKD280.4m a year earlier.
Revenue for the mass-market segment was HKD138m for the financial year, down 77.9 percent from the prior-year period. It made up around about 66 percent of the company’s total gaming revenue.
VIP revenue was down 79.3 percent year-on-year to HKD55.6m, while revenue from slot machines fell by 56.6 percent to HKD15.5m.