Century Entertainment eyes September opening of VIP room in Cambodia, eyes Thailand as future opportunity

Hong Kong-listed gaming investor Century Entertainment International Holdings said it plans to open its new VIP gaming business in Cambodia in early September after falling to HK$24.2 million (3, 1 million US dollars) for the year ended March 31, 2024.

Century Entertainment, a former Macau investor known as Amax International, first revealed in May that it had canceled a deal it had previously signed with its own chairman and CEO Ng Man Sun to manage VIP gaming tables at a casino in Cambodia, and instead signed a new agreement directly with the casino owners to operate seven VIP tables.

While the company did not provide a timeline for when the new VIP table games business would begin, it provided an update in its FY24 results announcement on Tuesday, emphasizing that it I expect the venue to open in early September.

Century Entertainment also revealed that it is looking for more gaming opportunities in Cambodia and abroad, including Thailand, where moves are underway to legalize casino gaming.

“Beyond Cambodia, the Group will closely monitor developments in neighboring Thailand, where plans to legalize casinos are underway,” he said. “This represents an attractive opportunity for geographic expansion, and the Group will be well prepared to adapt its strategy accordingly to capture the dynamics of emerging markets. »

Opening its VIP table games business in Cambodia, however, remains a pressing issue, with the company recording substantial losses for four consecutive years and noting that with net liabilities currently at HK$79.8 million ( 10.2 million US dollars), there is “significant doubt about the group’s ability to continue its activities. »

The resumption of its gaming business and recent commitments regarding the provision of financial support by Ng Man Sun are among the key measures identified to keep the company afloat.

“With the planned opening of the VIP rooms in early September, the Group is cautiously optimistic about its contribution to revenue from the second half of 2024 and beyond,” the statement said.

“Despite the prevailing uncertainties, the Group remains cautiously optimistic and steadfast in its commitment to providing sustainable returns to its shareholders. »