Century Casinos Lost $3.6m In Vietnam

Century Casinos Lost $3.6m In Vietnam

Century Casinos booked losses worth $3.6 m in Vietnam as revealed in a filing with the Nasdaq exchange on Monday, earlier this week. Despite the negative figures, the U.S.-based casino and gaming operator, has managed to shrink it year-on-year loss. Century Casinos has partnered with a Vietnamese gaming venue that hosts nine electronic table games.

The casino and gambling operator has linked its loss in Vietnam to deal that will eventually allow them to acquire stakes in Minh Chau Ltd., a Vietnamese company. Century is expecting the stake-acquisition to take place by April 2021. Century’s Austia wing has 51% stakes in Golden hospitality that has 9.21% stakes in Minh Chau. By the end of 2021 Golden Hospitality is all geared up to increase their stakes in Minh Chau by another 42.79% at an estimated price of $3.57 million.

The gambling club in Vietnam is operated by Minh Chau. The foreigner-only club receives many Chinese players due to its proximity to the Sino-Vietnamese border. It is illegal for vietnamese to participate in gambling, though there have been voices seeking amendment in the existing legislation.

Explaining why Century Casinos have not mentioned anything about Minh Chau in their 2018 financial reports, it said: “The company excluded the presentation of Minh Chau’s financial information upon the company’s determination that Minh Chau’s financial results are not significant compared to the company’s consolidated results.”

Further, according to a report, the company representatives have expressed over a telephone conference call with investment analysts on Monday that they are content with their Vietnam operations.For Century Casinos, it seems that all is going as plan and the $3.6 m loss is not their concern at present.

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