Kingston Financial Group Ltd, the operator of two so-called satellite casinos in Macau, says its annual gaming revenue fell by about 3 percent to almost HKD457.8 million (US$58.5 million) in its financial year ended March 31, 2019.
The Kingston Financial annual report said the casinos faced strong competition but remarked: “The two casinos consistently provided solid contributions to the group.”
The annual report said gaming revenue made up about 15 percent of all Kingston Financial revenue in the last financial year, the same percentage as the year before.
Kingston Financial made an annual profit attributable to its owners of just over HKD1 billion, 26 percent less than the year before, on revenue of almost HKD3.04 billion, 2 percent less.
The company blames the fall in profit mainly on a one-time write-off of intangible assets amounting to HKD266.16 million or so, relating to the cancellation of mineral leases, which were non-core assets.
Kingston Financial operates the Casa Real casino (pictured) on Macau Peninsula and the Grandview casino on the island of Taipa.
The company operates its casinos under the auspices of the gaming licence held by Sociedade de Jogos de Macau SA, owned by SJM Holdings Ltd.
On March 31 the Kingston Financial casinos contained 64 mass-market gaming tables; 12 VIP-market gaming tables; 274 slot machines; and 70 live baccarat machines, half the number a year earlier.
“Live baccarat machines brought additional crowd to the casino, achieving synergy with the slot machine business,” the annual report stated.
Kingston Financial is also in the businesses of securities brokerage, underwriting and placements, margin and initial public offering financing, advising on corporate finance, futures brokerage and asset management.
