China – A leading online sports and lottery provider in China; 500.com has today announced that it has released financial results for the full year of 2019, along with fourth quarter results from October through to the end of December last year.
500.com has been making headlines over the past 60 days following bribery allegations in Japan over the proposed new integrated resort developments.
Authorities in Japan allege that the firm handed over cash and travel gifts to a Japanese politician and member of the house of representatives in an attempt to get favourable treatment regarding the casino resort license in Hokkaido; the second largest main island of Japan.
It is unclear whether or not the company will be affected by the scandal and negative press over the last two months, but has today released the data of its financials.
The full year results were as follows:
- Net revenues were $5.7 million, down from net revenues of $18 million for the full year of 2018.
- Operating loss was $91.1 million, compared with operating loss of $49 million for the full year of 2018.
- Non-GAAP operating loss was $35.0 million, compared with non-GAAP operating loss of $302 million for the full year of 2018.
- Net loss attributable to 500.com was $91.4 million, compared with net loss attributable to 500.com of $65 million for last year.
- Non-GAAP net loss attributable to 500.com was $34.6 million, compared with non-GAAP net loss attributable to 500.com of $32 million for the full year of 2018.
- Basic and diluted losses per ADS were US$2.13.
- Non-GAAP basic and diluted losses per ADS were $0.81.
500.com Limited has been established for almost two decades since 2001 and was the first company to provide online lottery services in China.
One of the firm’s establishments are authorised by the Ministry of Finance to provide online lottery sales services on behalf of China Sports Lottery Administration Center.