Neptune Group Ltd, once one of the biggest investors in the Macau VIP gambling market, is to change its name to Rich Goldman Holdings Ltd, the company said on Thursday. The name change still needs to be approved by shareholders at a special meeting, the firm added in a filing to the Hong Kong Stock Exchange.
The filing did not disclose when the firm expected the name change to take effect.
“The board is of the opinion that the current name of the company does not reflect the diversity of businesses conducted by the group,” said Neptune. “While the group is still engaged in its gaming business by receiving profit streams from junket operators [in Macau], the group now focuses more on its money lending business and management and operation of hotel business,” it added.
Neptune stated: “The board considers that the proposed change of company name will provide the company with a more appropriate corporate identification and image that would better reflect or align with the business nature and future development of the group.”
Neptune said in July that only one of its Macau junket partners would remain in business after August 31. That was after two of its junket operators saw their rights to operate VIP gaming tables at two properties of casino operator Sands China Ltd terminated in June and July, respectively.
In July’s filing, and due to the termination of the agreements with its junket partners, Neptune issued a profit warning for the fiscal year ended June 30, 2017. The firm said it expects to record an impairment of intangible assets in respect of the junket business of approximately HKD365.9 million (US$46.8 million).
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”Our own consensus is that any newcomers to this [junket] sector should be corporatised, and should be financially sound and able to commit a higher guarantee deposit”
Kwok Chi Chung
President of junket trade body, the Macau Association of Gaming and Entertainment Promoters