Kingston Financial Group Ltd, the operator of two so-called satellite casinos in Macau, says it expects to report a significant decrease in profit for the year ended March 31, 2021. Such profit is expected to be down 90 percent, compared to HKD503.1 million (US$64.8 million) in the previous fiscal year.
“Such a significant decrease was primarily attributable to, among other factors, a drop in revenue from the group’s hotel and gaming business in Macau as a result of the drastic reduction in the number of visitor arrivals to Macau following the outbreak of Covid-19,” stated Kingston Financial in a Thursday filing.
The group runs the Casa Real casino on Macau peninsula and the Grandview casino on Taipa, in both cases using SJM Holdings Ltd’s gaming rights.
Kingston Financial also does securities brokerage work, underwriting and placements, margin and initial public offering financing, acting as an advisor on corporate finance, and also performs futures brokerage, and asset management.
In November, Kingston Financial said the group’s gaming revenue for the six months ended September 30 was negative by HKD9.2 million. 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, the company stated at the time.
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Andrew Lee and David Katz
Analysts at brokerage Jefferies LLC