GGRAsia – Rich Goldman revenue just US$15mln in fiscal 2019

Rich Goldman revenue just US$15mln in fiscal 2019

Sep 23, 2019 Newsdesk Latest News, Macau, Top of the deck

Hong Kong-listed Rich Goldman Holdings Ltd saw its revenue decline 8.2 percent year-on-year to just HKD119.8 million (US$15.3 million) for the financial year to June 30. Rich Goldman was formerly known as Neptune Group Ltd, when it was considered at one stage the largest brand by rolling chip volume in casino junket business in Macau.

The group said its gaming revenue decreased by approximately 18.9 percent from approximately HKD91.3 million for the financial year ended June 30, 2018, to circa HKD74.1 million for the financial year to June 30 this year.

The firm stated, referring to the unit of Macau operator Sands China Ltd that holds a Macau gaming licence, and latterly to the flagship Macau peninsula property of another Macau operator, SJM Holdings Ltd: “The decrease was mainly attributable to the termination of the gaming promotion agreement between Venetian Macau Ltd and our junkets operator in 2017, leaving a total of eight VIP tables in the casino of Grand Lisboa as the only remaining currently operating junket business of our group.”

Nonetheless profit for Rich Goldman rose 9.2 percent year-on-year, to nearly HKD42.6 million, compared to HKD39.0 million the year before, the firm said in a Friday filing.

Basic earnings per share were flat, at HKD0.06. Operational profit fell 31.7 percent, to HKD82.4 million, from HKD120.6 million.

Operational profit fell 31.7 percent, to HKD82.4 million, from HKD120.6 million.

The firm is also involved in money lending, and hotel operations outside Macau, and property leasing.

Factors in the improved financial-year profit attributable to the owners included smaller deductions for amortisation of intangible assets, and a HKD12.2-million “gain on bargain purchase on acquisition of a subsidiary”.

The former Neptune Group changed its name to Rich Goldman in 2017.