500.com Posts Widened Loss in 2018

China lottery service provider 500.com on Thursday reported a widened net loss for the 2018 year period, totaling 453.9 million renminbi (about US$66 million), compared to a loss of 332.4 million renminbi (about US$48 million) in 2017.

The company said the increased net loss was due in part to an impairment provision of 149.9 million renminbi (about US$22 million) provided for long-term investment during the fourth quarter of 2018.

Net revenues increased in the year, reaching 126.1 million renminbi (about US$18 million) compared with 72.6 million renminbi in 2017 (about US$11 million).

500.com CEO Zhengming Pan said the company has continued to engage in new and promising initiatives to increase its revenue base since suspending its online operations in 2015. “We will continue to look for opportunities to enhance value for our shareholders,” said Pan.

500.com has explored opportunities to become an IR operator in Japan, promoting its vision in both Okinawa Prefecture and in Rusutsu, Hokkaido. Both of those initiatives have since collapsed, however, and it is unclear whether or not 500.com remains in the IR license hunt at this point, or has already dropped out. (AGB)