CASINO

International Entertainment sees slight revenue growth, but losses continue

TAGs: International Entertainment Corp, PAGCOR, The Stars Group

The good news is that International Entertainment Corp., a hotel operator listed on the Hong Kong Stock Exchange, saw its revenue increase by 1.9% to reach $37.7 million in the fiscal year ending March 31, 2018. The bad news is that also reported a net loss of $8.6 million during the same period. The loss follows the previous fiscal year loss of $5.3 million.

International Entertainment sees slight revenue growth, but losses continueAccording to a statement by International Entertainment, the company saw an increase in revenue of $23.9 million stemming from a leasing deal signed with the Philippine Amusement and Gaming Corp (PAGCOR). This represents a 2.3% increase year-on-year and “was mainly due to increase in the net gaming revenue from the local gaming area operated by [PAGCOR].”

PAGCOR, through the leasing agreement, operates a casino inside a hotel owned by International Entertainment in Manila. The company stated of the agreement, “The monthly rental income is based on an agreed percentage of net gaming revenue generated from the local gaming area operated by [PAGCOR] as lessee of the group’s premises or a fixed rental amount, whichever is higher.”

International Entertainment is set to take over a professional soccer club out of England. The company announced a deal earlier in the year that will see it take ownership of Wigan Athletic AFC, a team that was recently promoted to the English Football League Championship.

This past May, the company announced a deal with The Stars Group that would see one of its subsidiaries offer land-based live poker tournaments and rooms branded with the PokerStars name “in certain Asian countries.”

The moves follow a change in ownership that took place late last year. International Entertainment was begun by the former partner of Macau casino mogul Stanley Ho Hung Sun, the late Cheng Yu Tung, but was sold to Brighten Path Ltd.  Brighten Path’s chairman, Stanley Choi, a businessman and professional poker player who has racked up over $7.4 million in live poker action according to the Hendon Mob.

Choi hasn’t cashed in any high-profile games since October of last year. However, he has several notable finishes to his credit. He picked up $6.4 million when he finished first at the Macau High Stakes Challenge in 2012 and $401,482 for a second-place finish at the APPT Asia Championship of Poker three years later. Last year, he picked over $350,000 in just three events—PokerStars High Roller tourneys in Macau and in Barcelona, and one event in the Triton Super High Roller Series in Macau.

Comments

views and opinions expressed are those of the author and do not necessarily reflect those of CalvinAyre.com