Asia Pioneer Entertainment reports US$554,000 loss in 1Q21

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Macau-based electronic gaming product distributor Asia Pioneer Entertainment (APE) has reported a loss of HK$4.3 million (US$554,000) for the three months to 31 March 2021, with its consulting and technical services and its repair services segments suffering significant declines.

Although revenue from its primary EGE technical sales and distribution segment saw a 57.9% increase to HK$1.6 million (US$206,000), the other segments both felt the impact of the COVID-19 pandemic.

Consulting and technical services declined 57.6% year-on-year to HK$373,000 (US$48,000) and repair services fell 89.3% to HK$52,800 (US$6,800).

APE said its full year loss was mainly due to a continued slowdown of new orders as a result of the impact of novel coronavirus on the operations of our major customers the casino operators in the Macau Special Administrative Region.

Looking ahead, the company added that it is more cautiously optimistic that the market for casino products will begin to recover in 2021 as casinos begin to ramp up gaming operations in expectation of a mass market player recovery.

The Group is optimistic on the rollout of smart vending solutions in 2021 as a plan to diversify its business from gaming equipment into other revenue streams but still retain its core competences of Macau SAR localization and technical knowledge and continues to proactively seek opportunities to diversify its revenues into non-gaming related sectors with focus on Macau SAR and Greater Bay Area related opportunities.

The Groups management continues to review various business plans to diversify the Groups business outside of gaming equipment supply.