GGRAsia – Asia Pioneer places product at Hoiana, starts new biz theme

Asia Pioneer places product at Hoiana, starts new biz theme

Jun 29, 2020 Newsdesk Industry Talk, Latest News, Macau, Rest of Asia

Hong Kong-listed Asia Pioneer Entertainment (APE) Holdings Ltd, which has a core business of distribution, sales and servicing for casino slot machines and electronic table games, said in a Friday press release it had placed products at the Hoiana casino resort in Vietnam.

Suncity Group Holdings Ltd, a firm controlled by Macau junket boss Alvin Chau Cheok Wa and an indirect 34-percent investor in Hoiana, said last week a “preview” of the casino and other parts of the resort was starting from Sunday (June 28). The investors plan to open it fully next year.

Asia Pioneer Entertainment Holdings said it had installed gaming-floor products there including “Karma GEN2” roulette in eight-seat configuration from Slovenian maker Spintec d.o.o.; and “Dragon’s Victory,” a linked-jackpot progressive-play style slot product from Konami Australia Pty Ltd.

Herman Ng Man Ho, chief executive and executive director of Asia Pioneer Entertainment Holdings, said in prepared remarks contained in the Friday press statement that the firm had “proudly” supplied its products to Hoiana, where the casino is to be run by the Suncity brand.

He added: “We are really excited to enter into this iconic project to present our products to players from around the world. It is a strategic move for APE to extend our footprints in Vietnam.”

On Thursday, Asia Pioneer Entertainment Holdings said it planned to start “sports and sports-related entertainment businesses” as it copes with challenges posed by Covid-19.

The group added it was part of its efforts in “exploring new business opportunities in order to diversify its income stream and bring a higher return to its shareholders”.

Asia Pioneer Entertainment Holdings had warned in April that the Covid-19 pandemic would have a “material adverse impact” on the group’s financial performance. In May, the company reported a net loss of just under HKD4.1 million (US$530,000) for the first quarter, more than double that of the prior-year quarter.

The new business segment mentioned on Thursday would include “sponsorship and promotion of sports events and operating sports entertainment venues in Macau,” through a Macau-registered unit called APE Sports and Entertainment Ltd wholly-owned by the group, said the parent.

“Taking into account the increasing awareness of health and increasing demands for sports events in Macau, the directors are of the view that the commencement of the new business will be a good opportunity for the group to diversify its income stream and may enhance the financial performance of the group,” it said in Thursday’s filing to the Hong Kong bourse.

In late May, the group said it had terminated finance lease agreements with two companies – one deal relating to the Philippines and one relating to Cambodia – claiming that those firms failed to pay lease rental fees. The group said it expected to write off an aggregate of about HKD26 million in finance lease receivables for the six months to June 30.