CASINO

Asia Pioneer sees record growth from Philippines, Cambodia operations

TAGs: APE, Cambodia, Philippines, suncity group

Asia Pioneer Entertainment (APE), the electronic gaming equipment distributor out of Macau, did well for itself last year. The company has released its financial report for 2018 and certainly has the right to gloat a little about its performance. Net profit for the year increased by 361% year-on-year, reaching US$2.63 million.

Asia Pioneer sees record growth from Philippines, Cambodia operationsThe company’s improved performance came as it saw increased activity throughout Southeast Asia, primarily in the Philippines and Cambodia. APE’s largest division, technical sales and distribution, reported a year-on-year decrease of 10%, but two lease deals in those two countries are worth a combined $3.87 million.

APE reported that its revenue increased 27% over 2017, coming in at $13.96 million. This includes $8.359 million from technical sales and distribution, $1.083 million from technical service and consultancy, $471,480 from spare parts sales and $318.567 from the sale of refurbished electronic gaming machines.

Markets in Southeast Asia will continue to be a primary target for the company throughout this year. APE indicates that these “are growing quicker than Macau” in terms of activity.

The company added, “In particular, Suncity’s new casino opening in Hoi An in Vietnam and growth in new casino resorts in the Philippines and Cambodia have potential to bring new business to the group. In Macau SAR, which continues to be the core market for the group, there will be the opening of two new planned casinos, namely Grand Lisboa Palace and Lisboeta both in Cotai, which can bring new revenue opportunities to the group.”

In a press release, APE chairman Allen Huie Tat Yan stated, “APE is a proven electronic gaming equipment company in Macau. It was always in our plans to leverage our product knowledge and experience in Macau to access the Southeast Asian markets. In the coming years, we will be able to initiate our Asian expansion with lease sales in Cambodia and the Philippines, the two countries with rapid growth in electronic gaming equipment.”

APE is listed on the Growth Enterprise Market (GEM) of the Hong Kong Stock Exchange. This division primarily hosts small- and medium-sized businesses that have a higher investment risk, and APE has been listed there since November 2017.

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