Former Melco-owned company sees near-90 pct increase in Q2 losses y-o-y

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500.com Limited, a lottery service provider operating in mainland China, has recorded net revenue of RMB19.3 million (US$2.86 million/MOP23.07 million) in the second quarter ended June 30, an increase of nearly 5 per cent from a year earlier, according to the financial results announced by the company in a release.
The company noted that net revenues for the period were primarily generated from mobile gaming and sports information services, which the company launched in the fourth quarter of 2016.
Net loss attributable to the company was RMB52.6 million over the quarter however, an 89.9 per cent increase year-on-year.
In early June, 500.com completed the acquisition of 40.65 per cent of the issued shared capital of MelcoLot Limited – then a subsidiary of Melco International Development Limited – for a total consideration of HK$322.23 million (US$ US$41.39 million/MOP332.92 million).
Pursuant to the agreement, Lawrence Ho Yau Lung’s Melco International has no further interest in MelcoLot.
In July of this year, 500.com also acquired The Multi Group, a company principally engaged in the lottery and online casino business.