Success Universe in profit, Ponte 16 EBITDA loss narrows

Mar 31, 2022 Newsdesk Latest News, Macau, Top of the deck  

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Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured), said the property recorded negative adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HKD57.6 million (US$7.4 million) for full-year 2021. That compares with a negative figure of HKD242.9million in 2020, said the company in a Wednesday filing.

The firm posted a net profit of just below HKD4.9 million in 2021, versus a net loss of nearly HKD142.0 million in the previous year.

Success Universe said that the group’s shared loss of the associates relating to Ponte 16 decreased by 66.6 percent to approximately HKD48.7 million in 2021.

Group-wide revenue for the period was approximately HKD151.1 million, down 58.5 percent from 2020, said the company in a filing to the Hong Kong Stock Exchange.

Success Universe is a joint venture partner, with a unit of casino concessionaire SJM Holdings Ltd, in casino hotel Ponte 16, at Macau’s Inner Harbour district. The gaming venue is considered a “satellite” casino of SJM Holdings.

The Macau government is proposing in a gaming regulatory bill – currently being discussed by the city’s Legislative Assembly – to have the city’s so-called “satellite” casino venues tie their premises to local gaming concessionaires. Satellite casinos would, under the proposed bill, have a three-year grace period to implement the measure.

Success Universe stated in a press release on its 2021 annual results that it would “remain in close communications with the Macau government” as the process to amend Macau’s gaming legislation continues.

The company did not recommend the payment of any dividend.

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