Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured), said on Thursday that it expects to record a higher consolidated loss after tax for the six months ended June 30 compared to the prior-year period. The company reported a consolidated loss after tax of approximately HKD12.6 million (US$1.6 million) for the first half of 2016.
“Based on a preliminary review of the draft unaudited consolidated management accounts of the group for the six months ended 30 June 2017, the group is expected to record a significant increase of the unaudited consolidated loss after tax… by approximately 50 percent as compared with that of the corresponding period of 2016,” Success Universe stated in a filing to the Hong Kong Stock Exchange.
Success Universe said that the expected increase in the consolidated loss was mainly attributable to: a reduction in shared profit relating to casino hotel Ponte 16; and a decrease in operating revenue and increase in loss of the group’s travel business.
Success Universe is a joint venture partner with a unit of SJM Holdings Ltd in casino hotel Ponte 16, on the Macau peninsula. The firm also has a sports lottery sales agency network covering a few provinces in mainland China.
The company’s executive director and co-chairman Hoffman Ma Ho Man told GGRAsia in June that Success Universe was revamping the gaming zones for VIP play and “high-limit” play at the Ponte 16.
The Hong Kong-listed company posted a net loss of nearly HKD31.0 million for full 2016, a sharp increase of 364.4 percent from the HKD6.7-million loss recorded in 2015.
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”We expect Goa to quickly become a US$1 billion market as it transitions to land-based casinos (from US$150 million today), which is still just a fraction of India’s total GGR potential of US$10 billion to US$17 billion”
Analyst at Union Gaming Securities Asia