GGRAsia – Rich Goldman in yearly profit but down to one junket biz

Rich Goldman in yearly profit but down to one junket biz

Sep 24, 2018 Newsdesk Latest News, Macau, Top of the deck

Macau junket investor Rich Goldman Holdings Ltd swung to a profit for the year ended June 30, compared to a loss in the equivalent period a year earlier.

The firm reiterated it had only one active junket agreement for the whole of the latest reporting period; involving a junket operating in SJM Holdings Ltd’s Casino Grand Lisboa. The firm is also involved in moneylending and hotel operations.

Rich Goldman’s net profit for the year amounted to approximately HKD39.0 million (US$5 million) versus a net loss of HKD10.2 million in the prior financial year.

The group’s gaming revenue decreased by circa 69 percent from approximately HKD295.5 million for the 12 months to June 30, 2017 to circa HKD91.3 million for the year ended June 30, 2018.

The firm said the decrease was due to the “termination of junket representative agreements between Venetian Macau Ltd and our junket operators in 2017, leaving the casino of Grand Lisboa as the only remaining currently-operating junket business of our group.”

Venetian Macau Ltd is a subsidiary of Macau casino operator Sands China Ltd.

The name Rich Goldman was formally adopted in September last year. Previously the listed company was known as Neptune Group Ltd.

The Neptune brand was once one of the most well known in the Macau junket sector, with the listed business having access to the profit streams from a significant number of the city’s VIP gambling rooms.