Hong Kong-based Emperor Entertainment is looking to increase its shareholding in the Grand Emperor Hotel in Macau by purchasing a further five per cent in the casino’s owner Luck United Holdings, taking its ownership to 80 per cent.
The company sees the chance to increase its ownership in the casino, which it operates via a licence owned by SJM Holdings, as a ‘tremendous opportunity for the company to further increase and concentrate the stake in Luck United at a deep discount.’
Emperor stated: “In recent years, the target group continued to achieve a stable performance in entertainment and hospitality services in Macau and generate recurrent income for the group. Such acquisition can enable the group to realise such good investment opportunity and utilise financial resources efficiently. While VIP segment delivered stable performance, gaming concourse segment was lacklustre as a result of capacity expansion in Cotai. Nevertheless, the group strived to enhance the table yield and improve customer segmentation, which enabled the group to mitigate, to a certain extent, the impact of heightened competition.”
The casino, which has six gaming floors, covering over 130,000 square feet, saw a fall in revenue over 2018 of 5.2 per cent.