Hong Kong-listed Century Entertainment International Holdings Ltd has confirmed it is still yet to launch its new table games business in Cambodia, almost four years after first announcing plans to relocate operations from its former home in Sihanoukville to a casino in the Dara Sakor investment zone on the Cambodian coastline, some 150 kilometers south of the border with Thailand.
Despite revealing in February that it had agreed to a new five-year deal to operate eight gaming tables at the Dara Sakor property, Century Entertainment said in its FY23 results announcement on Friday that implementation of the deal was dependent on shareholder approval and that it has not yet dispatched the relevant circular to those shareholders.
This, it said, has been postponed “to a date falling on or before 31 August 2023” to allow time for additional information to be included.
The update comes with Century Entertainment having recorded no revenue for FY23 and a net loss of HK$62.5 million (US$8.0 million) – widened from a HK$3.7 million loss (US$472,000) in FY22. It has, however, secured an undertaking from its own Chairman and CEO, Ng Man Sun, that he will not demand immediate payment of HK$50 million (US$6.4 million) in convertible bonds owed to him, and that he will provide additional financial support when required until at least 30 June 2024.
On the company’s short-term outlook, Century Entertainment said, “Amidst the challenging operating environment, the Group [has] continued with strengthening the business by staff training and casino renovation [throughout FY23].
“Considering the projected recovery of tourism in Cambodia and the gradually improving global economy in 2023, the Group remains positive that upon the completion of all the procedures, its business can soon resume and ride on the rising momentum when the market is more welcoming.”
The company added that it “targets the mass gaming tables business can begin contributing revenue in the second half of 2023.”