Get Nice VIP exit contributes to loss

 

Hotel operator Get Nice Holdings has reported an annual loss after its exit from servicing VIP clients. In the year ended March 31, the company said it made a loss of HK$107.5 million compared with a loss of HK$224.6 million a year earlier. The company said the revenue decline stemmed from its “ceasing to provide services to VIP table games in Grand Waldo casino during the year in response to changing market demand and industry competition.” Its overall hotel business posted a loss of HK$236.8 million, down from a loss of HK$356.5 million a year earlier. Get Nice agreed in May to sell its interest in the Grand Waldo casino hotel to Galaxy Entertainment Group Ltd., which operates the casino, for HK$3.25 billion. The hotel has since closed for renovation work.