LET GROUP CUTS ANNUAL LOSS AND OPEN MANILA SITE AT END OF 2024

Hong Kong-listed LET Group Holdings Ltd, an investor in a number of Asia-Pacific casino projects, reported an annual loss of less than HK$488.8 million ($52.1 million) in 2022 and a loss of about HK$527.5 million year-on-year.

The board did not recommend paying the final dividend for 2022 under the 2021 approach.

In a filing on Thursday, the company said its "major focus" was to develop a casino hotel for the West Side City project in the Philippine capital Manila through its subsidiary SunTrust Resorts Holdings.

"The Philippine team is actively recruiting field-experienced game managers to realize this vision," LET Group said.

"Since the completion of podium-class construction, which will include major gaming areas, efforts have been focused on building hotel towers, such as starting a soft opening before the end of 2024 and planning a grand opening in 2025

According to the document, the complex will have a five-star hotel with 450 rooms, about 300 game tables, and more than 1,300 electronic game consoles.

Regarding Vietnam's Hoiana Casino Resort, LET Group said the complex's second phase plan was "in progress" and the site was "preparing for development," while the Hoiana Project opened as a foreigner-only casino in mid-2020.

LET GROUP'S 2022 LOSS IS EXCLUSIVE IN SHAREHOLDER, OR COSTS AND COSTS OF OPERATIONS ON-going "PROXIMATELY" - "Finance COSTS OF ABOUT HK$195.1 MILLION, COMMON INVESTMENT LOSS CONTRIBUTIONS OF ABOUT HK$160.9 MILLION, COMMON INVESTMENTS… and capital loan impairment losses" 경마

The loss was partially offset by a profit of about HK$12.2 million and a discontinued operating profit of HK$138 million in connection with changes in the fair value of derivatives, the company said. This includes approximately HK$196.5 million in disposition profits.

Consolidated adjusted earnings (EBITDA) from continued operations were approximately HK$77.5 million, compared with negative earnings of approximately HK$13.3 million for fiscal 2021.

Nevertheless, LET Group reiterated its previously issued "continued concern" warning about its 2022 performance.

As of Dec. 31, the company held outstanding liabilities, including bond payments reclassified from maturing convertible bonds, at approximately HK$226.4 million in outstanding principal due on Aug. 28 and Dec. 7, 2022, respectively.

"The sufficiency of working capital to meet the group's current obligations over the next 12 months from December 31, 2022 will depend on the group's ability to successfully extend or renew outstanding bonds or dispose of non-core assets to generate adequate funds," LET Group said

It added: "These conditions represent significant uncertainty that could give considerable doubt to the group's ability to continue as a continuing concern."

In its filing on March 19, LET Group cited shareholder loans and benefits offered to Vietnam's Hoiana casino resort, according to its annual report. COMPANY SAYS IT HAS RECEIVED A TOTAL OF $111.8 MILLION, INCLUDING INTEREST IN RELATION TO SO-called "overweight"

Hong Kong-listed subsidiary Summit Accent Holdings Limited, the 77.5% owner of Russia's Far East Vladivostok Tigreed Crystal Casino Resort, contributed approximately HK$372.3 million in game and hotel operating revenue and total game revenue to its parent company in fiscal 2022, LET Group said on Thursday.