Hong Kong-listed Success Dragon International Holdings Ltd, a firm principally engaged in managing electronic gaming machines in the Macau market, saw its loss in that business segment and its total first-half loss narrow year-on-year for the period ended September 30, according to the firm’s unaudited interim results.
Success Dragon’s first-half revenue from electronic gaming machine management – which also made up the firm’s entire revenue in the reporting period – was HKD43.62 million (US$5.58 million), down by nearly 28 percent when compared to the segment revenue at a HKD60.37 million in the prior-year period.
The loss in that business segment meanwhile narrowed from HKD9.22 million in the prior-year period to HKD6.52 million in the reporting period, due to what the firm said was “successfully controlling” operating costs.
Success Dragon blamed the decrease in its interim revenue from machine management on “intense competition in the Macau gaming market”, as well as the cessation since last year, of the firm’s operation at the Landmark Macau casino hotel. The property, located on Macau peninsula, was officially renamed “New Orient Landmark Hotel” in September, following the April sale of the property by casino services firm Macau Legend Development Ltd.
Group-wide loss of Success Dragon in the interim period was HKD13.54 million, down by 53 percent when compared to the loss of HKD28.6 million in the prior-year period.
The firm stated in its interim results filing that it would “concentrate” on the business segment of managing electronic gaming machines, and take a “cautious” approach in controlling operating costs.
Outside the reporting period, Success Dragon announced in late October that it planned to change the English name of the firm to ezBlock Capital International Holdings Ltd, as part of an effort to “rebuilding its information technology services business”. The firm’s name in Chinese would also change.
“The group wishes to form strategic partnership with and invest tactically into leading fintech companies,” it said, referring to digital financial technology. Additionally the firm would “realign its resources in rebuilding its information technology services business,” Success Dragon stated in its latest filing, reiterating that it saw possibilities of applying so-called blockchain technologies to “complement or diversify” its businesses.
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”They want us to invest as well. The government there wants to see growth in Macau. We are not that concerned about that issue [licence renewal] at all”
Chairman and chief executive of Las Vegas Sands