APE writes off HK$26 million amid agreement termination. Macau-based slot machine agent, Asia Pioneer Entertainment has decided to write off a whopping HK$26 million in receivable after terminating 2 financial lease agreements for the leasing of electronic gaming equipment.
This comes after Siam Star Leisure Co, Ltd, which leased EGE from APE for use at a casino in Cambodia, and GLIMEX Inc, which did the same for a casino in the Philippines, failed to pay lease rental of around HK$17 million and HK$9 million respectively.
Additionally, the group is now expected to write off the HK$26 million finance lease receivables from its 1H20 accounts and has demanded the return of the leased equipment.
“The Company intends to identify new lessees for the EGE in Macau or other Southeast Asian countries,” it added.
APE last week reported a widened loss of HK$4.1 million in 1Q20 on a 70.1% decline in revenue due to a slowdown in new orders and cancellation of others as a result of COVID-19.