GGRAsia – Satellite casino ops still to Dec 31 at Casa Real, Grandview

Satellite casino ops still to Dec 31 at Casa Real, Grandview

Jun 29, 2022 Newsdesk Latest News, Macau, Top of the deck

Satellite casino operations at the Casa Real (pictured in a file photo) and Grandview venues in Macau are to continue to December 31, coinciding with the extended gaming rights up to that date of the licence provider, SJM Holdings Ltd.

That is according to an update of events occurring after the reporting period, but mentioned in the financial-year results to March 31 for Kingston Financial Group Ltd, the promoter of those properties under service agreements with SJM Holdings.

“Subsequent to the year end, the group entered into an addendum with SJM for the continuation of the provision of services… in the two casinos located at the group’s two hotels… to 31 December 2022,” said Kingston Financial in its results filed to the Hong Kong Stock Exchange on Tuesday.

Kingston Financial’s gaming revenue for the 12 months to March 31 swung back to the black, with HKD8.23 million (US$1.0 million), compared to a negative HKD7.89-million in the prior year.

Revenue from hotel and food and drink operations in Macau was much higher, at circa HKD51.80 million, up 16.2 percent on the prior-year period.

The average occupancy rate for the Casa Real hotel on Macau peninsula was circa 41 percent, versus 19 percent for the year to March 2021. At Grandview, in the Taipa district, room occupancy was at circa 40 percent, compared to 19 percent a year earlier.

As of March 31, the group had in aggregate 69 gaming tables on its mass-market gaming floors and 262 slot machines – the same as a year earlier.

The group did not have any VIP tables as of March 31, “as the VIP rooms were closed in February 2022,” said the firm. In the financial year to March 2021, it had 15 VIP tables in operation.

Kingston Financial is also involved in financial services encompassing: securities brokerage work, underwriting and placements, margin- and initial public offering-financing, advising on corporate finance, futures brokerage, and asset management.

Group-wide profit in the year to March 31 stood at HKD44.74 million, down 20.5 percent on the prior-year period, on revenue of just above HKD1.97 billion, 4.0 percent less from a year ago.