Casino at Grand Emperor Hotel to halt operations June 26
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The casino at Grand Emperor Hotel will close for business as they will not renew the service agreement with gaming concessionaire SJM, which expires June 26, citing “difficult business environment” due to the Covid-19 pandemic.
Emperor Entertainment Hotel Limited stated in a filing to the Hong Kong Stock Exchange that in view of the gloomy outlook for the high-end gaming market, the “group has resolved not to renew the services agreement with SJM and to terminate the gaming operation on the expiry date.” However, they will retain its hotel business at Emperor Entertainment Hotel, which is “considered to be in the best interests of the group and its shareholders as a whole.”
According to the group’s interim report last year, the casino has a mid-
court of 67 tables, a 10 table VIP lounge, and slot machines.
Emperor Entertainment Hotel said that in addition to its gaming operations, it is currently engaged in hotel business, including the Emperor Hotel Wan Chai in Hong Kong, Grand Emperor Hotel and the Inn Hotel in Macau.
“The group will look for suitable opportunities to make good use of its financial resources with the aim to expand its hotel business. Given the strategic position of Hong Kong and Macau in the Greater Bay Area, the long-term outlook for the hotel industry is positive following the relaxation of anti-epidemic measures and the re-opening of the border,” the group stated.
Reports have noted that at least seven satellite casinos in ZAPE and Taipa will shut this year, bringing possible additional financial pressure amid the gaming revenue downturn recorded in March.
Gaming legal expert, António Lobo Vilela, has hinted that Babylon Casino is next to announce its halt of operations as satellite casinos will have to end operations before June 26, due to the new law proposes that satellite casinos should operate under the premises of the concessionaire.
