Ponte 16 operator posts profit in 2023, revenue down

Mar 28, 2024 Newsdesk Latest News, Macau, Top of the deck  

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Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured), posted a net profit of HKD169.3 million (US$21.6 million) for full-year 2023, compared with a net loss of nearly HKD287.1 million in the prior year.

Group-wide revenue stood at HKD101.9 million last year, down 11.2 percent from 2022; costs for the reporting period fell by 16.8 percent year-on-year, to HKD85.1 million, said the Hong Kong-listed company in a Wednesday filing.

Success Universe is a joint venture partner, with a unit of casino concessionaire SJM Holdings Ltd, in Ponte 16, a property at Macau’s Inner Harbour district. The gaming venue is considered a “satellite” casino of SJM Holdings.

Success Universe firm said the group’s shared profit of the associates relating to Ponte 16 stood at HKD143.7 million in 2023, a sharp improvement from a loss of approximately HKD42.1 million in the prior year.

The company also recorded last year a fair value gain on the group’s overseas listed equity securities of about HKD95.4 million, versus a fair value loss of HKD174.1 million in 2022.

Success Universe said Ponte 16 recorded adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HKD334.1 million in 2023. That compares with a negative figure of HKD46.2 million in the prior year.

The firm did not recommend the payment of a final dividend. It made the equivalent recommendation a year earlier.

A plan to expand the Ponte 16 complex has been submitted to the Macau government for approval, said in February Hoffman Ma Ho Man, deputy chairman of Success Universe.

Speaking at a Hong Kong media gathering, Mr Ma said the extension to Ponte 16 was likely to involve investment of “HKD500 million  to HKD600 million”. The extension project, referred to by the company as “Phase 3”, would include a shopping mall and an open-air “plaza”, Mr Ma had mentioned to GGRAsia last year.

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