[Company Overview and Financial Highlights](index=1&type=section&id=Company%20Overview%20and%20Financial%20Highlights) This section presents the company's financial performance for the year, highlighting revenue growth and increased losses [Financial Highlights](index=1&type=section&id=Financial%20Highlights) FY2025 highlights show significant revenue growth, substantial loss increase, and no final dividend Financial Highlights Comparison: FY2025 vs FY2024 | Metric | Year Ended June 30, 2025 (HK$ thousand) | Year Ended June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 566,159 | 229,786 | | Loss Before Tax | (272,965) | (162,246) | | Loss for the Year Attributable to Owners of the Company | (282,145) | (131,964) | | Loss Per Share — Basic (HK cents) | (20.61) | (9.64) | - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section provides a detailed overview of the company's financial position and performance through its comprehensive income and financial position statements [Consolidated Statement of Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) FY2025 revenue grew, but increased expenses led to a wider loss before tax and attributable to owners Key Data from Consolidated Statement of Comprehensive Income (2025 vs 2024) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 566,159 | 229,786 | | Gaming taxes and levies | (180,731) | (17,792) | | Cost of sales | (112,183) | (79,564) | | Gross profit | 273,245 | 132,430 | | Other income | 44,250 | 17,895 | | Net other losses | (82,638) | (15,506) | | Fair value change of investment properties | (23,315) | (14,145) | | Selling and marketing expenses | (74,494) | (4,220) | | General and administrative expenses | (326,550) | (204,639) | | Finance costs | (91,824) | (70,633) | | Loss before tax | (272,965) | (162,246) | | Income tax (expense)/credit | (9,180) | 30,282 | | Loss for the year attributable to Owners of the Company | (282,145) | (131,964) | | Basic loss per share (HK cents) | (20.61) | (9.64) | - Gross profit margin decreased from **57.6% in 2024** to **48.3% in 2025**, primarily due to increased gaming taxes and levies after taking over casino operations[3](index=3&type=chunk)[73](index=73&type=chunk) - Share of results of associates turned from a loss of **HK$4,090 thousand in 2024** to a gain of **HK$5,686 thousand in 2025**[3](index=3&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased, but net assets and equity decreased, with non-current liabilities up Key Data from Consolidated Statement of Financial Position (2025 vs 2024) | Metric | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | **Assets** | | | | Property, plant and equipment | 793,127 | 1,069,582 | | Investment properties | 336,000 | – | | Loans receivable | 99,992 | 57,602 | | Total assets | 2,536,098 | 2,324,298 | | **Liabilities** | | | | Total current liabilities | 238,279 | 600,621 | | Total non-current liabilities | 1,524,723 | 706,888 | | Total liabilities | 1,763,002 | 1,307,509 | | **Equity** | | | | Net assets | 773,096 | 1,016,789 | | Total equity | 773,096 | 1,016,789 | - Net current assets significantly increased from **HK$16,151 thousand in 2024** to **HK$524,609 thousand in 2025**[5](index=5&type=chunk) - Promissory notes were reclassified from **HK$441,291 thousand in current liabilities in 2024** to **HK$467,986 thousand in non-current liabilities in 2025**, significantly impacting the current liability structure[5](index=5&type=chunk)[6](index=6&type=chunk)[62](index=62&type=chunk) - Bank borrowings substantially increased, with non-current bank borrowings rising from **HK$578,360 thousand in 2024** to **HK$930,134 thousand in 2025**[6](index=6&type=chunk)[67](index=67&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements [Basis of Preparation](index=6&type=section&id=Basis%20of%20Preparation) This section outlines financial statement preparation, covering company nature, business, standards, and currencies - The company is an investment holding company primarily engaged in hotel operations, gaming operations (under a provisional license), and live poker events[8](index=8&type=chunk) - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants and the Hong Kong Companies Ordinance, adhering to the disclosure requirements of the Listing Rules of the Stock Exchange[9](index=9&type=chunk) - The company's functional currency is the Philippine Peso, but the consolidated financial statements are presented in Hong Kong Dollars for the convenience of Hong Kong-listed companies and shareholders[11](index=11&type=chunk) [Adoption of New and Revised Hong Kong Financial Reporting Standards](index=7&type=section&id=Adoption%20of%20New%20and%20Revised%20Hong%20Financial%20Reporting%20Standards) This section details new and revised HKFRS adopted, focusing on liability classification and future presentation impacts - This year marked the first application of amendments to **HKAS 1 (Revised)** and **HK Interpretation 5**, clarifying guidance on classifying liabilities as current or non-current and assessing non-current liabilities with covenants[13](index=13&type=chunk)[14](index=14&type=chunk)[15](index=15&type=chunk) - These amendments had no significant impact on the Group's financial position or performance for the current and prior years[12](index=12&type=chunk)[16](index=16&type=chunk) - HKFRS 18 'Presentation and Disclosure in Financial Statements', issued but not yet effective, is expected to change how the company presents results in the statement of comprehensive income and discloses information in the notes, but will only affect presentation, not financial position or performance[18](index=18&type=chunk) [Segment Reporting](index=9&type=section&id=Segment%20Reporting) The Group's business is divided into hotel, gaming, and live events segments, with gaming dominating revenue and assets - The Group has three reportable segments: hotel operations (Philippine hotel business), gaming operations (operating gaming business under a provisional license and leasing gaming venues), and live events (live poker activities)[21](index=21&type=chunk) Segment Revenue and Results for FY2025 | Segment | Revenue (HK$ thousand) | Proportion | Segment Results (HK$ thousand) | | :--- | :--- | :--- | :--- | | Hotel Operations | 56,211 | 9.9% | (19,613) | | Gaming Operations | 509,948 | 90.1% | (234,889) | | Live Events | – | 0% | (147) | | Consolidated | 566,159 | 100% | (254,649) | Segment Assets and Liabilities for FY2025 | Segment | Segment Assets (HK$ thousand) | Segment Liabilities (HK$ thousand) | | :--- | :--- | :--- | | Hotel Operations | 113,058 | 36,722 | | Gaming Operations | 2,133,087 | 1,184,004 | | Live Events | 1,473 | 2,520 | | Consolidated | 2,247,618 | 1,223,246 | - Gaming operations revenue surged by **200.0%** from **HK$169,954 thousand in 2024** to **HK$509,948 thousand in 2025**, primarily due to the Group taking over casino operations and recognizing gross gaming revenue[25](index=25&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[72](index=72&type=chunk) - Hotel operations revenue slightly decreased by **6.0%** from **HK$59,832 thousand in 2024** to **HK$56,211 thousand in 2025**, mainly due to hotel rooms being closed for renovation[25](index=25&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk)[72](index=72&type=chunk) - Revenue from the largest customer decreased from **53% of total revenue in 2024** to **12% in 2025**, indicating reduced customer concentration[33](index=33&type=chunk) [Other Income](index=18&type=section&id=Other%20Income) Other income significantly increased this year, driven by higher interest and miscellaneous income from short-term leases Composition of Other Income (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income | 32,023 | 15,546 | | Miscellaneous income | 12,227 | 2,349 | | Total | 44,250 | 17,895 | - Miscellaneous income primarily includes rental income from short-term leases of idle hotel units as offices to external parties, increasing from **HK$747 thousand in 2024** to **HK$8,942 thousand in 2025**[35](index=35&type=chunk) [Loss Before Tax](index=19&type=section&id=Loss%20Before%20Tax) Loss before tax widened significantly this year, mainly due to increased staff costs, depreciation, and gaming taxes Key Components of Loss Before Tax (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Directors' emoluments | 5,488 | 5,223 | | Total staff costs | 158,025 | 87,474 | | Total depreciation | 97,264 | 43,237 | | Amortisation of intangible assets | 3,744 | 3,586 | | Fair value change of investment properties | 23,315 | 14,145 | | Auditors' remuneration (audit services) | 3,100 | 3,510 | | Cost of inventories recognised as expense | 8,845 | 5,544 | | Provision for expected credit losses — trade receivables | 4,757 | (2,294) | | Gaming taxes and levies | 180,731 | 17,792 | - Total staff costs increased significantly by **77.6%**, mainly due to the recruitment of additional staff for casino operations and management[36](index=36&type=chunk)[77](index=77&type=chunk) - Gaming taxes and levies surged from **HK$17,792 thousand in 2024** to **HK$180,731 thousand in 2025**, a primary factor contributing to the decline in gross profit margin and widening loss[36](index=36&type=chunk)[73](index=73&type=chunk) [Income Tax (Expense)/Credit](index=20&type=section&id=Income%20Tax%20(Expense)%2FCredit) The company recorded an income tax expense this year, facing significant tax disputes in the Philippines, with no provision Income Tax (Expense)/Credit (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current tax | (17,818) | – | | Deferred tax credit | 8,638 | 30,282 | | Income tax (expense)/credit | (9,180) | 30,282 | - Group entities engaged in gaming operations in the Philippines are exempt from corporate income tax but are subject to a **5% gaming tax** on gross gaming revenue[38](index=38&type=chunk) - The company faces tax disputes in the Philippines totaling approximately **HK$695,003 thousand**, spanning multiple financial years, but the Board, based on independent advice, believes the company has valid legal arguments for defense and no additional tax liability, thus no provision has been made[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Dividends](index=21&type=section&id=Dividends) The Board does not recommend a final dividend for the current year, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended June 30, 2025 (2024: nil)[43](index=43&type=chunk) [Loss Per Share](index=22&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share widened this year, reflecting an increase in the company's overall loss Loss Per Share (2025 vs 2024) | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (20.61) | (9.64) | | Diluted loss per share | (20.61) | (9.64) | - The conversion of convertible bonds was not assumed in calculating diluted loss per share, as their exercise would have an anti-dilutive effect[44](index=44&type=chunk) [Investment Properties](index=23&type=section&id=Investment%20Properties) Fair value loss on investment properties increased, with reclassified properties measured at fair value by valuers Fair Value Changes of Investment Properties (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fair value loss | (23,315) | (14,145) | | Revaluation gain on transfer from owner-occupied properties to investment properties | 19,178 | – | | Fair value as at June 30 | 336,000 | – | - On May 9, 2024, all investment properties (previously casino and office floors leased to PAGCOR) were reclassified to 'Property, plant and equipment'; this year, certain areas of the hotel and casino complex, with a carrying amount of **HK$334,822 thousand**, were leased to independent tenants and reclassified from 'Property, plant and equipment' to investment properties[47](index=47&type=chunk) - Fair value is determined using the income approach, with key assumptions including a long-term revenue growth rate of **3.5%**, a discount rate of **12%**, and a capitalization rate of **7.5%**[48](index=48&type=chunk) [Loans Receivable](index=24&type=section&id=Loans%20Receivable) The Group provided three partially secured loans to associates, with sufficient collateral and no significant credit losses - Two loans were granted to associate HVPHI: one with a principal of **HK$46,892 thousand (2024: HK$45,285 thousand)** at an annual interest rate of **3.5%**, secured by land; and another with a principal of **HK$12,798 thousand (2024: HK$12,317 thousand)** at an annual interest rate of **3.5%**, unsecured and repayable on demand[50](index=50&type=chunk)[51](index=51&type=chunk) - This year, a loan facility of **PHP500,000,000 (approximately HK$69,366 thousand)** was granted to associate PBBI at an annual interest rate of **6%**, secured by apartment properties, with **HK$40,302 thousand** already drawn down[51](index=51&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=25&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group's unlisted fund investments are measured at fair value through profit or loss, recording a fair value loss Financial Assets at Fair Value Through Profit or Loss (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Unlisted fund investments | 4,423 | 4,481 | - Unlisted fund investments refer to approximately **48% equity interest** in Foresight Fund III Limited Partnership, over which the Group has no control or significant influence[52](index=52&type=chunk)[53](index=53&type=chunk) - A fair value loss of **HK$533 thousand (2024: HK$723 thousand)** was recorded this year, with fair value determined using the sum-of-the-net-assets method and market approach[54](index=54&type=chunk) [Trade Receivables](index=25&type=section&id=Trade%20Receivables) Trade receivables significantly increased this year, with a corresponding rise in provision for expected credit losses Trade Receivables and Provisions (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables | 42,818 | 1,972 | | Less: Provision for expected credit losses | (5,213) | (574) | | Net | 37,605 | 1,398 | Ageing Analysis of Trade Receivables (2025 vs 2024) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 22,211 | 1,025 | | 31 to 60 days | 7,160 | – | | 61 to 90 days | 5,713 | 23 | | Over 90 days | 2,521 | 350 | | Total | 37,605 | 1,398 | - The Group generally grants credit terms of **0 to 90 days** to customers and holds no collateral as security[57](index=57&type=chunk) [Other Receivables, Deposits and Prepayments](index=26&type=section&id=Other%20Receivables%2C%20Deposits%20and%20Prepayments) Total other receivables, deposits, and prepayments slightly increased, mainly due to other recoverable taxes and prepayments Other Receivables, Deposits and Prepayments (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deposits | 16,144 | 3,773 | | Other recoverable taxes | – | 44,422 | | Other receivables | 889 | 26,720 | | Prepayments — acquisition of property, plant and equipment | 81,099 | 58,111 | | Prepayments — others | 40,000 | 3,258 | | Interest receivable | 13,540 | 1,661 | | Total | 139,301 | 150,316 | | Non-current portion | 104,092 | 71,615 | | Current portion | 35,209 | 78,701 | [Trade Payables, Other Payables and Accruals](index=27&type=section&id=Trade%20Payables%2C%20Other%20Payables%20and%20Accruals) Total trade payables and other payables increased, driven by significant growth in unredeemed chips and gaming tax provisions Trade Payables, Other Payables and Accruals (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 1,209 | 4,133 | | Unredeemed chips | 12,727 | 1,967 | | Interest payable | 17,411 | 17,156 | | Provision for gaming taxes | 25,706 | 9,815 | | Jackpot accruals | 19,014 | 12,796 | | Professional service fees | 9,783 | 6,397 | | Others | 53,202 | 47,333 | | Total | 137,843 | 95,464 | - Unredeemed chips significantly increased from **HK$1,967 thousand in 2024** to **HK$12,727 thousand in 2025**, a net increase of **HK$10,760 thousand**, reflecting a rise in chips held by customers and gaming promoters[59](index=59&type=chunk) Ageing Analysis of Trade Payables (2025 vs 2024) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0 to 30 days | 614 | 2,472 | | 31 to 60 days | 230 | 1,565 | | 61 to 90 days | 200 | 96 | | Over 90 days | 165 | – | | Total | 1,209 | 4,133 | [Promissory Notes](index=28&type=section&id=Promissory%20Notes) The company issued new promissory notes to replace maturing ones, increasing the total, and all are classified as non-current - On March 31, 2025, the company issued new promissory notes totaling approximately **HK$467,986 thousand** to replace maturing debts from 2024 promissory notes, at an annual interest rate of **6%**[62](index=62&type=chunk) - The 2025 promissory notes mature on March 31, 2027, and the company has the right to defer repayment for at least twelve months after the reporting period, thus all are classified as non-current liabilities[62](index=62&type=chunk) [Bank Borrowings](index=29&type=section&id=Bank%20Borrowings) Bank borrowings significantly increased this year for casino operations and resort development, secured by assets, with covenants Bank Borrowings (2025 vs 2024) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank borrowings — secured | 990,067 | 578,360 | - Two bank facilities were obtained this year: one for **PHP4,320,000,000 (fully drawn)**, bearing floating interest at the higher of one-year PHP BVAL Reference Rate +2% or **7.5% per annum**; and another for **US$50,000,000 (approximately HK$392,387 thousand, fully drawn)**, bearing interest at **3.75% per annum**[65](index=65&type=chunk) - Bank borrowings are secured by property, plant and equipment, investment properties, bank balances, land use rights of associates, and apartment units, with financial guarantees provided by associates[66](index=66&type=chunk) - The company must comply with financial covenants requiring a debt-to-equity ratio of no more than **2.33 times** and a debt service coverage ratio of at least **1.10 times**[67](index=67&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's financial and business performance, outlook, liquidity, risks, and future plans for the year [Financial Review](index=31&type=section&id=Financial%20Review) FY2025 financial performance saw significant revenue growth from gaming, but increased expenses led to a wider loss - The Philippine casino gaming market is projected to grow at a compound annual growth rate of **9.2%** between 2023 and 2033, driven by enhanced local spending power and tourism development[70](index=70&type=chunk)[71](index=71&type=chunk) - Total revenue significantly increased from approximately **HK$229,800 thousand in 2024** to approximately **HK$566,200 thousand in 2025**, primarily driven by a **200.0% surge** in gaming operations revenue to approximately **HK$509,900 thousand**[72](index=72&type=chunk) - Gross profit margin decreased from **57.6% in 2024** to **48.3% in 2025**, mainly due to increased gaming taxes and levies after taking over casino operations[73](index=73&type=chunk) - Selling and marketing expenses increased by **1,665.3%** to approximately **HK$74,500 thousand**, primarily for marketing activities related to casino operations[76](index=76&type=chunk) - General and administrative expenses increased by **56.8%** to approximately **HK$326,600 thousand**, mainly due to the recruitment of additional staff and higher utility costs from casino business expansion[77](index=77&type=chunk) - Finance costs increased by **30.0%** to approximately **HK$91,800 thousand**, primarily due to new bank borrowings[78](index=78&type=chunk) - A loss of approximately **HK$282,100 thousand** and a loss per share of approximately **HK$20.61 cents** were recorded this year, significantly wider than last year's loss of **HK$132,000 thousand** and loss per share of **HK$9.64 cents**[78](index=78&type=chunk)[79](index=79&type=chunk) [Business Review](index=34&type=section&id=Business%20Review) The Group's principal businesses include gaming, hotel, and live events, with gaming operations showing strong growth - Gaming operations revenue significantly increased by **200.0%** to approximately **HK$509,900 thousand**, accounting for **90.1% of the Group's total revenue**, primarily benefiting from taking over casino operations[81](index=81&type=chunk) - Hotel operations revenue slightly decreased by **6.0%** to approximately **HK$56,200 thousand**, mainly due to hotel room renovations and upgrades[82](index=82&type=chunk) - The live events segment did not host any live poker events this year, resulting in no revenue[83](index=83&type=chunk) [Outlook](index=35&type=section&id=Outlook) The company is cautiously optimistic about the Philippine gaming industry, planning renovations and diversified financing - The Philippine gaming industry has immense growth potential, benefiting from diversified gaming facilities and government tourism support policies, with international visitor numbers continuously increasing[84](index=84&type=chunk)[85](index=85&type=chunk) - The Group has been granted a provisional license by PAGCOR, committing to a total investment of **US$1,000,000,000 to US$1,200,000,000** for establishing and operating a casino and hotel[86](index=86&type=chunk) - The company plans hotel renovations to upgrade facilities and enhance customer experience, and will create additional gaming space in the casino basement, increasing the maximum number of gaming tables to over **110** and slot machines to over **920**[87](index=87&type=chunk) - The Board will consider various financing methods, including bank borrowings, debt financing, and/or equity financing, to support the further development of the integrated resort and maintain liquidity levels[88](index=88&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=36&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) Net current assets improved, but net assets decreased, with reallocated placement proceeds supporting renovation - Net current assets increased from **HK$16,200 thousand in 2024** to **HK$524,600 thousand in 2025**[89](index=89&type=chunk) - Net assets attributable to owners of the company decreased by **24.0%** from **HK$1,016,800 thousand in 2024** to **HK$773,100 thousand in 2025**[91](index=91&type=chunk) - The 2025 promissory notes (totaling approximately **HK$468,000 thousand**) have been classified as non-current liabilities, while convertible bonds (totaling approximately **HK$53,000 thousand**) were fully repaid during the year[90](index=90&type=chunk) - The gearing ratio increased from **64.7% in 2024** to **114.0% in 2025**[96](index=96&type=chunk) Use and Application of Placement Proceeds (as at June 30, 2025) | Intended Use (HK$ million) | Revised Allocation (HK$ million) | Utilized (HK$ million) | Unutilized (HK$ million) | | :--- | :--- | :--- | :--- | | Hotel renovation | 150.0 | 150.0 | – | | Development and financing of new hotel plot | 52.6 | 52.6 | – | | Potential land acquisition | – | – | – | | General working capital | 38.5 | 38.5 | – | | Contract price payment for construction service agreements | 117.4 | 103.4 | 14.0 | | Total | 358.5 | 344.5 | 14.0 | - The company has reallocated the entire unutilized net proceeds from the placement, approximately **HK$117,400 thousand**, as contract price payments for construction contracts, expected to be fully utilized by the end of 2025[93](index=93&type=chunk) [Risks and Uncertainties](index=39&type=section&id=Risks%20and%20Uncertainties) The company faces market competition, economic uncertainties, regulatory risks, and tax disputes, with pledged assets - The Group's casinos and hotels face intense market competition and significant risks from new entrants potentially intensifying competition[99](index=99&type=chunk) - The company's business is highly sensitive to economic downturns, political and social conditions, and changes in relevant laws and regulations in its operating locations[100](index=100&type=chunk) - Certain of the company's subsidiaries operating in the Philippines are involved in tax disputes with the Philippine Bureau of Internal Revenue (BIR), creating uncertainties[100](index=100&type=chunk) - Bank borrowings and bank facilities are secured by the Group's properties, bank balances, land use rights of associates, and apartment units[102](index=102&type=chunk) [Significant Acquisitions and Disposals and Material Investments](index=40&type=section&id=Significant%20Acquisitions%20and%20Disposals%20and%20Material%20Investments) This year, the company entered construction service agreements for hotel renovation and obtained a provisional casino license - On May 30, 2025, the company entered into a second phase construction service agreement with a total contract price of approximately **HK$136,910 thousand** for hotel renovation and construction works[103](index=103&type=chunk) - On February 14, 2025, the company entered into a first phase construction service agreement with a total contract price of approximately **HK$191,320 thousand** for hotel renovation and construction works[104](index=104&type=chunk) - The Group has been granted a provisional license by PAGCOR to establish and operate a casino and develop an integrated resort in the Philippines, with a total investment commitment of no less than **US$1,000,000,000** and no more than **US$1,200,000,000**[105](index=105&type=chunk) [Future Plans for Material Investments or Capital Assets](index=41&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) The Group will explore market opportunities, including property renovations, to enhance profitability and returns - The Group will continue to explore the market and identify business opportunities with growth and development potential, including renovation plans to improve the Group's owned and leased properties to enhance profitability[107](index=107&type=chunk) [Exchange Rate Fluctuation Risk and Any Related Hedging](index=41&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Any%20Related%20Hedging) The company faces currency risk from multi-currency denominations of assets, liabilities, income, and expenses, with no current hedging - The company's functional currency is the Philippine Peso, but the consolidated financial statements are presented in Hong Kong Dollars[108](index=108&type=chunk) - The Group's assets, liabilities, income, and expenses are primarily denominated in Hong Kong Dollars, US Dollars, Philippine Pesos, and Euros, thus exposing it to currency risk[109](index=109&type=chunk) - The Group currently does not have any foreign exchange hedging policy in place, but management will monitor foreign exchange risk and consider appropriate hedging policies as needed in the future[109](index=109&type=chunk) [Final Dividend](index=42&type=section&id=Final%20Dividend) The Board does not recommend a final dividend for the current year, consistent with the prior year - The Board does not recommend the payment of any dividend for the current year (prior year: nil)[110](index=110&type=chunk) [Employees and Remuneration Policy](index=42&type=section&id=Employees%20and%20Remuneration%20Policy) Total employees and staff costs increased due to casino expansion, with remuneration based on performance, experience, and market Number of Employees and Staff Costs (2025 vs 2024) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Total number of employees | 1,312 | 1,001 | | Total staff costs | 158,000 HK$ thousand | 87,500 HK$ thousand | - The increase in staff costs was primarily due to the recruitment of additional staff for casino operations and management[77](index=77&type=chunk)[111](index=111&type=chunk) - The remuneration policy, recommended by the Remuneration Committee, is determined based on individual performance, experience, Group performance, industry remuneration benchmarks, and market conditions, and includes medical, insurance, and retirement benefits[111](index=111&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=42&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities this year - During the current year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[112](index=112&type=chunk) [Sufficiency of Public Float](index=42&type=section&id=Sufficiency%20of%20Public%20Float) As of the announcement date, the company maintained a sufficient public float as required by the Listing Rules - As of the date of this annual results announcement, the company maintained a sufficient public float as required by the Listing Rules throughout the year[113](index=113&type=chunk) [Corporate Governance and Other Information](index=43&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance standards, auditor's scope, and other relevant disclosures [Compliance with Corporate Governance Code](index=43&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complied with the Corporate Governance Code, though combined Chairman and CEO roles deviate but enhance efficiency - The company has complied with the applicable provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules for the current year[114](index=114&type=chunk) - The roles of Chairman and Chief Executive Officer are combined and held by Mr. Ho Wong Meng, which deviates from Code Provision C.2.1, but the Board believes this arrangement contributes to strong leadership and efficient business decision-making[115](index=115&type=chunk) [Standard Securities Dealing Code for Directors](index=43&type=section&id=Standard%20Securities%20Dealing%20Code%20for%20Directors) The company adopted the Standard Code for directors' securities transactions, with all directors confirming compliance for the year - The company has adopted the Standard Code as set out in Appendix C3 to the Listing Rules as its code of conduct for directors' securities transactions[116](index=116&type=chunk) - All directors have confirmed that they have complied with the Standard Code throughout the current year and up to the date of this annual results announcement[116](index=116&type=chunk) [Scope of Work of the Auditor](index=43&type=section&id=Scope%20of%20Work%20of%20the%20Auditor) The auditor agreed financial data is consistent with audited statements, but their work is not an assurance engagement - The Group's auditor, BDO Limited, has agreed that the financial data contained in this annual results announcement is consistent with the amounts set out in the Group's audited consolidated financial statements for the current year[117](index=117&type=chunk) - The work performed by the auditor in this respect does not constitute an assurance engagement and consequently no assurance has been expressed on this annual results announcement[117](index=117&type=chunk) [Review by Audit Committee](index=44&type=section&id=Review%20by%20Audit%20Committee) The Audit Committee reviewed audited consolidated financial statements, deeming them prepared according to standards and Listing Rules - The Audit Committee has reviewed the Group's audited consolidated financial statements for the current year and is of the opinion that such statements were prepared in accordance with applicable accounting standards and the Listing Rules[118](index=118&type=chunk) - The Audit Committee comprises three independent non-executive directors, with changes in membership after the announcement date[118](index=118&type=chunk) [Publication of Annual Results and Annual Report](index=44&type=section&id=Publication%20of%20Annual%20Results%20and%20Annual%20Report) This annual results announcement is published online, and the full annual report will be dispatched to shareholders and published - This annual results announcement has been published on the website of the Stock Exchange (www.hkexnews.hk) and the company's website (www.ientcorp.com)[119](index=119&type=chunk) - The company's annual report for the current year, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the websites of the Stock Exchange and the company in due course[119](index=119&type=chunk)

Core Viewpoint - The announcement details the appointment of Lu Zhengjun as an independent non-executive director and the resignation of Liu Jiahao as an independent non-executive director, effective from September 26, 2025 [1] Group 1 - Liu Jiahao will no longer serve as the chairman of the remuneration committee and a member of the audit committee following his resignation [1] - Lu Zhengjun has been appointed as the chairman of the remuneration committee and a member of the audit committee, effective from September 26, 2025 [1]

Core Points - The company has announced the appointment of Lu Zhengjun as an independent non-executive director, effective from September 26, 2025, while Liu Jiahao has resigned from the same position [1] - Following Liu Jiahao's resignation and Lu Zhengjun's appointment, Liu Jiahao will no longer serve as the chairman of the remuneration committee and a member of the audit committee, whereas Lu Zhengjun will take over as the chairman of the remuneration committee and a member of the audit committee, effective from September 26, 2025 [1]

Group 1 - The company has announced the appointment of Lu Zhengjun as an independent non-executive director [1] - Liu Jiahao has resigned from his position as an independent non-executive director, effective from September 26, 2025 [1]

執行董事 HO Wong Meng先生 （ 主席兼行政總裁 ） Aurelio Jr. Dizon TABLANTE先生 獨立非執行董事 鄭康偉先生 陸正均先生 Danica Ramos LUMAWIG女士 INTERNATIONAL ENTERTAINMENT CORPORATION 國 際 娛 樂 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：01009） 董事名單與其角色和職能 國際娛樂有限公司（「本公司」）董事（「董事」）會（「董事會」）成員載列如下。 本公司設立四個董事委員會，服務於各委員會之董事如下： | | | | | 董 事 | 委 員 | 會 | 執 | 行 委 | 員 | 會 | 審 | 核 | 委 | 員 | 會 | 薪 | 酬 | 委 | 員 | 會 | 提 | 名 | 委 | 員 | 會 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 INTERNATIONAL ENTERTAINMENT CORPORATION 國 際 娛 樂 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：01009） 董事變動；及 董事委員會組成變動 董事變動 下文載列陸先生的履歷詳情： 陸先生，36歲，於英國東英吉利大學取得會計與金融社會科學學士學位，以 及 於 香 港 城 市 大 學 取 得 法 學 博 士 學 位 。 陸 先 生 於 二 零 二 零 年 獲 香 港 律 師 資 格，並於二零二二年取得澳洲新南威爾斯州執業資格，現於本地律師行擔任 – 1 – 董事會宣佈，陸正均先生已獲委任為獨立非執行董事，而劉家豪先生已辭任獨 立非執行董事，自二零二五年九月二十六日起生效。 執業香港律師。陸先生擁有逾8年法律行業經驗，在就民事訴訟、刑事訴訟、 家事法及遺囑與遺產認證事宜為客戶提供法 ...

Core Viewpoint - International Entertainment Company (IEC) is facing significant financial challenges, with a projected pre-tax loss of HKD 260 million (approximately USD 33.4 million) for the latest fiscal year, marking a substantial increase from the previous year's loss of HKD 162.2 million. Despite this, investor sentiment remains stable, possibly due to the company's history of profit warnings since February 2023 [3][5][6]. Financial Performance - IEC has issued its fifth profit warning in two years, with the latest fiscal year's loss expected to increase by 60% [5]. - Revenue for the six months ending December 2024 surged over 100% year-on-year, rising from HKD 105 million to HKD 268 million, despite losses increasing from HKD 36.1 million to HKD 95 million [6][9]. - The company's cash reserves increased from HKD 617 million in June 2024 to HKD 855 million by December 2024, indicating a strong liquidity position despite ongoing losses [6]. Strategic Moves - IEC is set to acquire a casino adjacent to its New Coast Hotel, committing USD 1 billion to USD 1.2 billion for renovations, aiming to transform the property into a comprehensive resort [4][6]. - The Philippine government is privatizing its 43 state-owned casinos, with IEC's acquisition positioning it as a pioneer in this process [6][9]. Market Context - The Philippine gaming market is smaller compared to Macau and Nevada, with Pagcor reporting record revenues of PHP 112 billion (approximately USD 1.9 billion) in 2024, a 41% increase year-on-year [9]. - The total revenue for the Philippine gaming industry, including Pagcor, reached PHP 410 billion in 2024, reflecting a 25% year-on-year growth [9]. - IEC's market capitalization is significantly lower than its competitors, with a market cap of HKD 1.69 billion and a high price-to-sales ratio of 4.33, suggesting a potential valuation bubble [9].

Core Viewpoint - The company expects to incur a pre-tax loss of no less than HKD 260 million for the fiscal year ending June 30, 2025, compared to a pre-tax loss of approximately HKD 162 million for the fiscal year ending June 30, 2024 [1] Summary by Relevant Categories Financial Performance - The anticipated pre-tax loss for the current fiscal year is primarily attributed to increased general and administrative expenses, particularly due to the operational and management costs associated with the casino business in Manila following the acquisition of a temporary license on September 27, 2023 [1] - The company expects a significant rise in sales and marketing expenses, driven by promotional activities aimed at enhancing the attractiveness and competitiveness of casino products during the first full operational year [1] - One-time write-offs related to the demolition of leased renovations under the casino, resulting from construction contracts signed on February 14, 2025, and May 30, 2025, are also contributing to the expected losses [1] - Increased bank borrowing interest expenses due to the establishment and operation of the casino and integrated resort under the temporary license are anticipated to further impact financial performance this year [1]

Core Viewpoint - The company expects to incur a significant pre-tax loss of no less than HKD 260 million for the fiscal year ending June 30, 2025, following a pre-tax loss of approximately HKD 162 million for the fiscal year ending June 30, 2024 [1] Financial Performance - The anticipated pre-tax loss for the current fiscal year is primarily attributed to increased general and administrative expenses, particularly due to the operational and management costs associated with the casino business in Manila, Philippines, following the acquisition of a temporary license on September 27, 2023 [1] - The company also expects higher sales and marketing expenses as a result of promotional activities aimed at enhancing the attractiveness and competitiveness of its casino products during the first full operational year [1] Operational Factors - One-time write-offs related to the demolition of leased renovations in the casino's underground area are expected, resulting from construction contracts signed on February 14, 2025, and May 30, 2025 [1] - Increased bank borrowing interest expenses are anticipated due to the establishment and operation of the casino and integrated resort under the temporary license [1]

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 INTERNATIONAL ENTERTAINMENT CORPORATION 國 際 娛 樂 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：01009） 盈利警告 本公告乃國際娛樂有限公司（「本公司」及其附屬公司統稱「本集團」）根據香港聯合 交易所有限公司證券上市規則（「上市規則」）第13.09 (2) (a)條及香港法例第571章證 券及期貨條例第XIVA部項下內幕消息條文（ 定義見上市規則 ）作出。 香港，二零二五年九月十九日 於本公告日期，董事會包括兩名執行董事Ho Wong Meng先生及Aurelio Jr. Dizon Tablante先生 ；及 三名 獨立 非執 行董 事劉 家豪 先生 、鄭 康 偉先 生及 Danica Ramos Lumawig女士。 本公司董事會（ 分別為「董事」及「董事會」）謹此通知 ...