Nov 29, 2018 Newsdesk Industry Talk, Latest News, Macau
First-half gaming revenue at Kingston Financial Group Ltd, the operator of two so-called satellite casinos in Macau, improved by about 7 percent compared to the same time last year, the company announced on Wednesday. Kingston Financial told the Hong Kong Stock Exchange that it recorded gaming revenue of about HKD241.91 million (US$30.92 million) in its financial first half, ended September 30. The figure also includes revenue from food and drink sold in the casinos.
In spite of the rise in gaming revenue, the first-half turnover in all its business taken together decreased by about 3 percent to about HKD1.57 billion. First-half profit attributable to the owners of the company decreased by about 35 percent to about HKD592.16 million. The company attributed the drop in profit mainly to a one-time write-off of intangible assets amounting to about HKD266.1 million.
Kingston Financial runs the Casa Real casino on Macau peninsula and the Grandview casino (pictured) on Taipa, in both cases using SJM Holdings Ltd’s gaming rights.
The wider Kingston group also provides financial services, including securities brokerage, underwriting and placements; margin and initial public offering financing; corporate finance advisory services; futures brokerage and asset management services.
“The two casinos continued to provide solid contributions to the group,” the company told the stock exchange, adding that revenues from gaming added about 15 percent to the group’s total revenue.
At the end of its financial first half the Kingston Financial casinos contained an aggregate of 64 tables for the mass market and 12 tables in their VIP rooms, along with 215 slot machines and 140 live baccarat machines. “Live baccarat machines brought additional crowds to the property, achieving synergy with the slot machine business,” the statement said. The electronic table games feature a croupier to deal cards.
In 2017, Kingston Financial reported a 4-percent decline in gaming revenue due to what it said was increasing competition.
Kingston Financial chief executive Pollyanna Chu Yuet Wah is considered Hong Kong’s wealthiest woman, according to Forbes magazine. She was placed seventh on the list of Hong Kong’s 50 Richest People, with a net worth estimated at US$12 billion as at January.
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”The [Macau] month-to-date run-rate represents an approximately 45-percent recovery versus pre-Covid-19 levels for headline gross gaming revenue”
DS Kim and Mufan Shi
Analysts at brokerage JP Morgan Securities