地产贱卖、赌场关停，英皇如何欠下166亿巨债？

Core Viewpoint - The news highlights the financial struggles of Emperor Group, particularly its real estate arm, which is facing significant debt and operational challenges, prompting its stars to engage in various revenue-generating activities to help alleviate the financial burden [3][10][21]. Group 1: Financial Situation - Emperor Group has a reported debt of 16.6 billion HKD [3][13]. - The real estate division, Emperor International, is primarily responsible for the debt issues, rather than the entertainment segment [3][13]. - The company has experienced a shift from profitability to losses due to poor performance in both its gambling and real estate sectors [10][21]. Group 2: Business Structure - Emperor Group operates across multiple sectors, including entertainment, gambling, real estate, and finance, but its entertainment business contributes less than 10% to its overall revenue [4][15]. - The group's strategy involves leveraging its entertainment segment to generate traffic and brand influence, which in turn supports its real estate and other business operations [7][17]. Group 3: Gambling and Real Estate Challenges - The gambling sector, particularly the satellite gaming tables in Macau, has been a significant profit source, but recent regulatory changes have severely impacted revenue, with a reported decline of over 80% in customer numbers [9][19]. - Emperor International has made substantial investments in real estate, including nearly 5 billion HKD in 2023 and 1.9 billion HKD for a Central District apartment in 2024, but these have resulted in financial losses [10][21].