GGRAsia – Casino junket investor Neptune Group now Rich Goldman

Casino junket investor Neptune Group now Rich Goldman

Sep 29, 2017 Newsdesk Industry Talk, Latest News, Macau

Neptune Group Ltd, an investor in the Macau VIP gambling market, announced on Thursday it has officially changed its English-language name to “Rich Goldman Holdings Ltd”.

In a filing to the Hong Kong Stock Exchange on Thursday, the Hong Kong-listed junket investor stated that the change of both the Chinese and the English name, as well as the adoption of a new logo, took effect on Wednesday.

That same day, the firm had said an impairment on intangible assets related to its junket business – for the financial year ended June 30 – would be larger than previously announced, at HKD397.3 million (US$50.9 million). It added however that it expected its net loss for the financial year to “decrease significantly” from that recorded in the prior year, when it was approximately HKD202.11 million. The year before that, Neptune’s net loss was HKD828.01 million.

In its Thursday filing, the newly-named firm said it had also adopted a new web address to reflect the change.

The document additionally stated that the change of the company’s name and the adoption of a new logo would “not affect any of the rights of the shareholders”.

In a previous filing in August, the company said the old name “does not reflect the diversity of businesses conducted by the group”.

The name change “would better reflect or align with the business nature and future development of the group,” it stated in the August filing.

Only one of Neptune’s Macau junket partners remained associated with the business after August 31. That followed a decision by Macau casino operator Sands China Ltd to terminate the rights of two Neptune junket partners to operate VIP gaming tables at two Sands China properties.