Kingston casino rev, gaming EBITDA negative interim 2020
Gaming revenue at Kingston Financial Group Ltd, the operator of two so-called satellite casinos in Macau, was negative by HKD9.2 million (US$1.2 million) for the six months ended September 30. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) in the gaming segment for the same period were negative by HKD72.3 million.
Group-wide profit dipped 64.5 percent for the six months to September 30, to HKD169.0 million, from HKD477.6 million in the same period in 2019.
In the interim numbers for 2019, gaming revenue had been positive to the tune of HKD221.1 million, and adjusted EBITDA for gaming had been positive by HKD57.9 million.
The firm noted in a Friday filing to the Hong Kong Stock Exchange, that the decline in gaming and hotel revenue for the six months to September 30 this year, was due to a “drastic reduction in the number of visitor arrivals to Macau” during the Covid-19 pandemic.
In the financial services part of the business, there had also been an “increase in impairment loss on advances to customers in margin financing,” noted the company.
The group runs the Casa Real casino (pictured) on Macau peninsula and the Grandview casino on Taipa, in both cases using SJM Holdings Ltd’s gaming rights.
Overall group turnover for the interim period fell 26.5 percent year-on-year, to just under HKD1.01 billion, from HKD1.37 billion.
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