Shift in lottery tastes hits AGTech results

 

AGTech Holdings Ltd. reported an 11.1 percent decline in first-quarter revenue down to HK$37.6 million ($4.8 million) as lottery players in China showed less interest in scratch cards and lotto games. The Hong Kong-listed company reported a net loss of HK$3.9 million, mostly from accounting change for share options granted to directors, compared with a HK$11 million loss a year earlier. The company has agreed to a partnership with Macau legislator Vitor Cheung Lup Kwan to explore hotel and entertainment investment opportunities in Macau. Cheung is the largest of at least six new investors in AGTech who, as a group, are to purchase HK$140 million in new shares and receive options for more.