International Entertainment has some revenue gains, but they are still sustaining losses. The company is seeing their losses increasing, but there are still positives with the revenue up slightly based on the most recent numbers.
International Entertainment Corp is a Hong Kong Stock Exchange company. They are a hotel operator. In March the company announced an increase of 1.9 percent revenue, which meant it went up to $3.77 million. However, they have net losses that account for $8.6 million. The losses from last year were $5.3 million.
In the statement made by International Entertainment Corporation, the company saw an increase in revenue to $23.9 million, which came from a deal signed with Philippine Amusement and Gaming Corp or PAGCOR. It was a 2.3% increase year-on-year.
The increase is due to the net gaming revenue from the local gaming area, which is operated by the Philippine Amusement and Gaming Corp. PAGCOR has a leasing agreement with the casino operator that is inside the hotel, which International Entertainment owns. Its location is Manila. The company stated the agreement is a monthly rental income that they earn based on the percentage of net gaming revenue generated by the operator. International Entertainment will take over a professional soccer club in England too, which they announced earlier this year.
They are taking ownership of Wigan Athletic AFC. The team was able to make it into the English Football League Championship.
Stars Group Partnership
Perhaps the partnership, with Stars Group will help the company stabilize. The partnership with PokerStars is to host live events in International Entertainment Corps poker rooms.
The deal was announced in May that they would allow live poker tournaments at their casino-hotel. The poker tournaments will be under the PokerStars name, in certain Asian countries according to the announcement.
The move was made after a change in ownership. International Entertainment was a former partner with Stanley Ho Hung Sun. Stanley Ho is a Macau casino mogul, who recently stepped down from his company to give his family a chance to run it. The company was also sold to Brighten Path Ltd. Brighten Path is run by Chairman Stanley Choi, who is a poker player and businessman. He has made over $7.4 million in live poker games according to his sheet at the Hendon Mob.
Choi has not taken part in any high-profile cash games since he took over in October of last year. He has several wins to his credit over the years.