• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Success Universe loss triples in 2016 as revenue tumbles

Mar 31, 2017 Newsdesk Latest News, Macau, Top of the deck  


Success Universe loss triples in 2016 as revenue tumbles

Macau casino investor Success Universe Group Ltd posted a net loss of nearly HKD31.0 million (US$4.0 million) for full 2016, a sharp increase of 364.4 percent from the HKD6.7-million loss recorded in 2015

The company recorded revenue of approximately HKD573.1 million for the 12 months to December 31, down 43.3 percent from a year earlier, the firm said in a filing to the Hong Kong Stock Exchange on Thursday.

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 HKD17.5 million in 2016, down 40.3 percent from a year earlier. The property’s adjusted earnings before interest, taxation, depreciation and amortisation fell by 8.7 percent year-on-year to HKD277.4 million.

As at December 31, the casino at Ponte 16 had 109 gaming tables, consisting of 96 mass gaming tables, seven 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 firm said it continued in 2016 to temporarily – and voluntarily – suspend its paperless lottery sales agency services in mainland China. That was following the Chinese government announcing in 2015 a suspension of what it was described at the time as “unauthorised online lottery sales services”. The move has been outlined by the mainland authorities as temporary and designed to allow for a revamp of the regulations on such business.

“The group will closely monitor the development and wait for further announcement on the resumption date of paperless lottery sales from the Chinese government authorities,” Success Universe stated.

The firm did not declare a dividend.

“The group is aware of the challenges that lie ahead and remains cautious of the increasing economic uncertainties of the global economy, but capturing the right opportunities is the key to expand and grow its business,” 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 firm] to a stronger foothold in the gaming, entertainment and tourist-related industries in the Asia-Pacific region.”

In a February interview with GGRAsia, Success Universe’s executive director and deputy chairman, Hoffman Ma Ho Man, said the firm was yet to submit to the Macau government a new construction plan for the third phase of Ponte 16.


  • tweet
Related articles
  • CNY 2021 unlikely to boost Macau casinos, say observers
    CNY 2021 unlikely to boost Macau...

    Jan 15, 2021  

  • Success Universe posts US$17mln 1H loss as revenue halved
    Success Universe posts US$17mln 1H loss...

    Aug 31, 2020  

More news
  • UA Galaxy Cinemas normal as HK ops cease: Galaxy Ent
    UA Galaxy Cinemas normal as HK ops...

    Mar 08, 2021  

  • Galaxy’s Lui hopes Macau 2H better amid vaccine rollout
    Galaxy’s Lui hopes Macau 2H better...

    Mar 08, 2021  


Latest News

UA Galaxy Cinemas normal as HK ops cease: Galaxy Ent

UA Galaxy Cinemas normal as HK ops cease: Galaxy Ent

Mar 08, 2021  

UA Galaxy Cinemas, the multiple-screen cinema facility at the Galaxy Macau casino resort, is operating as usual, the resort promoter Galaxy Entertainment Group Ltd has confirmed to GGRAsia. In...
Read More
Galaxy’s Lui hopes Macau 2H better amid vaccine rollout

Galaxy’s Lui hopes Macau 2H better amid vaccine rollout

Mar 08, 2021  

Pace of Macau GDP decline slows in 4Q amid tourism gains

Pace of Macau GDP decline slows in 4Q amid tourism gains

Mar 08, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

“Construction work is progressing smoothly and even though the Covid-19 outbreak has impacted our original timeline, we remain committed to this groundbreaking project"

Grant Johnson

Property general manager of City of Dreams Mediterranean



Most Popular

  • Lim Kok Thay, GEN Singapore execs in US$1.3mln stock awardLim Kok Thay, GEN Singapore execs in US$1.3mln stock award March 2, 2021
  • Las Vegas Sands to sell off Nevada assets for US$6.25blnLas Vegas Sands to sell off Nevada assets for US$6.25bln March 3, 2021
  • Pansy Ho again cuts stake in MGM Resorts, for US$57mlnPansy Ho again cuts stake in MGM Resorts, for US$57mln March 4, 2021
  • LVS plans to keep U.S. base, stock listing: spokesmanLVS plans to keep U.S. base, stock listing: spokesman March 4, 2021
  • Fitch says LVS Nevada sale a negative, Moody’s keenerFitch says LVS Nevada sale a negative, Moody’s keener March 5, 2021
Copyright 2014-2021 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us