GGRAsia – Sino Credit exits Macau’s junket business

Sino Credit exits Macau’s junket business

Jul 01, 2014 Newsdesk Latest News, Macau

Sino Credit Holdings Ltd confirmed on Monday it is no longer engaged in Macau’s gaming industry. The company is now focused on expanding its “financing services” business in mainland China and Hong Kong, it said.

“The directors consider that the former junket business in Macau provides limited room for long-term growth development for the group,” the company said in a filing to the Hong Kong Stock Exchange.

Sino Credit Holdings Ltd, previously known as Dore Holdings Ltd, had announced in December that its VIP junket business would cease operation by the end of 2013. That was following the termination of the junket agreement between Nove Sociedade Unipessoal Lda, a licensed gaming promoter, and casino resort Venetian Macao. Sino Credit had entered in 2007 into an agreement for a 100-percent interest in Nove’s profit.

Revenue derived by Sino Credit from gaming was HK$24.3 million (US$3.0 million) and HK$25.6 million for the years ended March 31, 2014 and March 31, 2013 respectively. The company had been involved in the junket business since at least 2006, according to company documents.

Sino Credit is now focusing on developing its financing services business, which includes real estate-backed loan services, personal property pawn loan services and other loan services.