Other

During the Track Record Period, our Group as a whole did not have significant seasonal fluctuation in our revenue.

Business · p. 248

As to the casino operation for the year ended 31 March 2023, our gross gaming revenue for the second half of the year ended 31 March 2023, which contributed 54.1% of the total gross gaming revenue for the year ended 31 March 2023, was slightly higher than that for the six months ended 30 September 2022, which contributed 45.9% of the same, primarily attributable to the tendency for people to participate in indoor activities during the winter time, such as visiting casinos, and the fact that the second half of the year is marked with numerous festivals and holidays, such as Christmas and New Year's Eve, which contribute to the increased activities in casinos, as advised by CIC.

Business · p. 248

As to the hotel operation for the year ended 31 March 2023, the average room revenue of all our hotels for the second half of the year ended 31 March 2023, which contributed 45.5% of the total average room revenue for the year ended 31 March 2023, was slightly lower than that for the six months ended 30 September 2022, which contributed 54.5% of the same, primarily attributable to the reason that families and tourists take advantage of the summer breaks and school holidays for vacations and leisure travel, which leads to the overall better performance for hotels, as advised by CIC.

Business · p. 248

For instance, we typically see more consumer traffic and generate higher sales during the summer and winter months, including January, July, August and December, driven by the school holidays and holiday seasons, as compared to the remaining months.

Business · p. 210