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Century Entertainment seeks removal of disclaimer over financial situation as Chairman keeps company afloat

November 28, 2023 Cambodia Casino & Hotel

The Cambodia-based casino operator Century Entertainment, which is listed on the Hong Kong Stock Exchange, has decided to remove a disclaimer on its financial status. Chairman Ng Man Sun’s financial backing will undoubtedly be sufficient to maintain operations, the business said.

Net liabilities are not anticipated to have a substantial effect on the firm for the fiscal year that ends on March 31st, since Ng is ready to continue supporting the business and has not requested repayment of loans totaling HK$56.67 million.

Furthermore, in the same time frame, Chairman Ng held a HK$50 million convertible bond and provided a “personal guarantee” on borrowings of HK$36.22 million from other parties. The company claims that “the directors believe that the group will have sufficient working capital to support its operations upon the commencement of the satisfactory operations of the gaming table business.”

As for the company’s new gaming table operation in Cambodia, it is anticipated that the organization will award the VSA “on or before January 31, 2024.”A new casino’s eight gaming tables, which were initially bought for HK$120 million, “will be assigned” to a subsidiary “for a period of five years.” This is the latest investment.

It will assess Ng’s readiness to exchange his bond for shares, work with creditors to possibly restructure the debt, and undertake cost-cutting initiatives, according to Century Entertainment.

Furthermore, Century Entertainment said that it would only be concentrating on the table games market in Cambodia “for the time being” and “rather than exploring other gaming-related business opportunities.”

Original story by: Asia Gaming Brief

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