Hong Kong-listed LET Group Holdings Inc., an investor in many Asia-Pacific casino projects, on Thursday reported an annual loss for its shareholders of just under HK$488.8 million ($52.1 million) in 2022, a loss of about HK$527.5 million a year earlier.
The board has not recommended final dividend payments for 2022 in line with its 2021 approach.
In a filing on Thursday, the company said its “primary focus” was on developing a casino hotel in the Westside City project in Manila, the capital of the Philippines, through its subsidiary SunTrust Resort Holdings Inc.
“The Philippine team is actively recruiting experienced game executives from the field to realize this vision,” the LET group said.
“Since the completion of the podium-level construction for the main gaming hall, efforts have been focused on building hotel towers, including a soft opening before the end of 2024 and a grand opening in 2025.”
When fully operational, the complex will have a five-star hotel with 450 rooms, about 300 game tables and more than 1,300 electronic game consoles, according to the filing.
Regarding the Hoiana Casino Resort in Vietnam, the LET Group said plans for the second phase of the complex, where the land site is “preparing for development,” were “in progress.” The Hoiana project opened in mid-2020 with a foreigner-only casino.
LET Group’s 2022 losses were “mainly” due to costs and costs from its ongoing operations, namely “financial costs of approximately HK$195.1 million, a loss-sharing of a joint venture of approximately HK$160.9 million, and loss of equity loan impairment from a joint venture of approximately HK$74.3 million.”
These losses were “partly offset by a profit of approximately HK$12.2 million in relation to changes in the fair value of derivatives and a discontinued operating profit of approximately HK$138 million,” the company said, including gains from disposal amounting to approximately HK$196.5 million.
Consolidated adjusted earnings (EBITDA) before interest, taxation, depreciation and amortization from continuing operations were about HK$77.5 million for fiscal 2021 versus about HK$13.3 million.
Nevertheless, LET Group reiterated its previously issued “continued concern” warning about its 2022 results.
As of December 31, 2022, the Company held outstanding liabilities, including outstanding principal amount of approximately HK$226.4 million due December 7, 2022, and reclassified bond repayments from convertible bonds due December 7, 2022.
BY: 동행복권파워볼