Success Universe Group Ltd, an investor in Macau casino hotel Ponte 16 (pictured), said on Monday that it expects to record a first-half consolidated loss in the range of approximately HKD120 million (US$15.5 million) to HKD150 million. The company reported a consolidated profit of HKD48.7 million for the six months to June 30, 2019.
The expected first-half loss was mainly attributable to the group’s share of a “substantial loss” relating to the Ponte 16 complex “as a result of the outbreak of Covid-19 since early 2020,” Success Universe said 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 company said other reasons for the expected first-half loss – based on its draft unaudited consolidated management accounts – were “a fair value loss on the group’s investment properties” and a “write-down of carrying amount of the group’s stock of properties.”
Success Universe also said it expected to book a “fair value gain on the group’s listed equity securities” acquired during the reporting period.
The Hong Kong-listed firm saw its 2019 profit rise 36.2 percent year-on-year, to HKD74.2 million.
Hoffman Ma Ho Man, deputy chairman and executive director of Success Universe, said in June in comments to GGRAsia that a planned extension of the Ponte 16 complex faced further delays as part of the fallout from the Covid-19 pandemic.
Aug 03, 2021The Macau government announced that from 3.30pm on Tuesday (August 3) the region had entered “immediate pandemic prevention” mode, in light of an “extremely high” risk of a...
"I think for our property [Grand Lisboa Palace], looking at breaking-even and stabilisation, will take… 12 months or so, or less”
Daisy Ho Chiu Fung
Chairman of Macau casino operator SJM Holdings