Macau casino investor Success Universe Group Ltd posted a net loss of HKD12.6 million (US$1.6 million) for the six months to June 30, nearly a sixfold increase from the HKD1.9-million loss recorded in the prior-year period.
The company recorded revenue of approximately HKD347.1 million for the six months to June 30, down 41.7 percent from a year earlier, the firm said in a filing to the Hong Kong Stock Exchange on Tuesday.
Success Universe is a joint venture partner – alongside a unit of gaming operator SJM Holdings Ltd – in casino hotel Ponte 16 (pictured), located on the Macau peninsula.
The company’s shared profit relating to Ponte 16 amounted to about HKD10.6 million in the first half of 2016, down 31 percent from a year earlier. The property’s adjusted earnings before interest, taxation, depreciation and amortisation fell by 7.8 percent year-on-year to HKD143.2 million.
As at June 30, the casino at Ponte 16 had 109 gaming tables, consisting of 94 mass gaming tables, nine high-limit tables and six VIP tables, according to the latest filing.
Success Universe said the decline in its results was attributable to: a reduction in shared profit relating to Ponte 16; a significant decrease in operating revenue and increase in loss at its lottery business in mainland China; and an impairment loss on the carrying value of the trademark of the group’s travel business.
“The group will stay cautious and prudent towards the formulation and implementation of corporate strategies, whereas constantly identifies suitable business opportunities to achieve a long-term growth,” said Sonny Yeung Hoi Sing, chairman of Success Universe, in a statement accompanying the results.
He added: “We believe that such strategies will lead the group to a stronger foothold in the gaming, entertainment and tourist-related industries in the Asia-Pacific region.”
In a July interview with GGRAsia, Success Universe’s executive director and deputy chairman, Hoffman Ma Ho Man, said the firm planned to move forward with the construction of the third phase of Ponte 16. The company was yet to decide on the mix of gaming products for the new phase, he added.
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"We forecast Grand Lisboa Palace will have EBITDA of HKD2.0 billion (US$260 million) with 330 tables by 2022, and HKD3.5 billion with 380 tables by 2023"
Credit rating agency Fitch Ratings