appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

appConfig

filter

json

liveArticle

Sandy Li

Golden Princess will be the group's key income source until Macau hotel opens

Emperor Entertainment Hotel, formerly known as Emperor (China Concept) Investments, expects its recently acquired  vessel with a casino will contribute annual turnover of more than $108 million.

Bryan Wong Chi-fai, an executive director at Emperor Entertainment, said the 38-year-old Golden Princess, which will be leased, would be the group's major source of income until its 45 per cent-owned Emperor Casino Hotel in Macau goes online.  It is due  for a soft launch in September.

Yesterday, shareholders at an extraordinary general meeting approved the company's US$17 million acquisition of Golden Princess from Albert Yeung Shau-shing, the chairman of ultimate parent Emperor Group.

Mr Wong said on one-year leases, the company would receive  guaranteed monthly rental of $9 million plus 30 per cent of the net profit of the casino operation.

The 12,704-tonne Golden Princess  can carry up to 570 passengers.

Mr Wong said after the meeting that the company was still studying expansion  into the hotel market in Russia.

Meanwhile, talks with Chow Tai Fook on a possible new share subscription in Emperor Entertainment were still 'under way',  Mr Wong said.

Early last month, Stanley Ho Hung-sun's Sociedade de Jogos de Macau  acquired a 3.88 per cent stake in Emperor Entertainment for $92 million.

Meanwhile,  shares in K Wah Construction Materials dropped 15.52 per cent to $6.80 yesterday after it said  no agreement had been reached  on  the injection of  Galaxy Casino in Macau  into the listed company.

On January 20, the company said it had received approval from the Macau government for  the injection of a majority Galaxy stake,  prompting a 12.59 per cent rise in its share price after a one-day suspension. The company suspended its stock on the same day   pending a further clarification.

The stock resumed trading yesterday.

Another Macau-concept stock, 139 Holdings, was reportedly in talks with Warner Brothers  and China Travel International Investment Hong Kong over a possible  theme park and  movie city joint development in the enclave.

The three parties declined to confirm the reports  yesterday.

Shares of  139 Holdings fell 8.06 per cent to 5.7 cents yesterday.

Last Thursday, 139 Holdings announced it would buy the four-star, 350-room Hotel Grandeur Macau for $500 million from China Travel Service (HK).



Casino to keep Emperor afloat