Success Universe Group Ltd, an investor in the Macau casino hotel Ponte 16 (pictured in a file photo), reported a net profit of just under HKD93.4 million (US$12.0 million) for full-year 2024, down 44.8 percent from the prior year.
In a Friday filing to the Hong Kong Stock Exchange, the company said its revenue for 2024 fell by 49.6 percent year-on-year, to HKD51.4 million.
In December, the firm flagged a gain of nearly HKD31.1 million from the disposal of part of its shares in electric car maker Tesla Inc.
Success Universe is a joint venture partner – with a unit of casino concessionaire SJM Holdings Ltd – in Ponte 16, a property located in Macau’s Inner Harbour district. The gaming venue is considered a “satellite” casino of SJM Holdings.
Success Universe said the decline in profit was mainly due to: a “substantial increase” in the fair value loss on the group’s investment properties and a write-down of carrying amount in its stock of properties, in the amount of HKD39.7 million; the recognition of a “substantial impairment loss” of carrying amount of the group’s leasehold land and building classified under property, plant and equipment, at HKD36.1 million; as well a decrease in the group’s share of profit of the associates relating to Ponte 16.
Success Universe recorded in 2024 nearly HKD112.0 million as shared profit of associates relating to Ponte 16, down from HKD143.7 million in the previous year.
As of December 31, the casino at Ponte 16 operated 109 gaming tables, comprising 103 mass gaming tables and six high-limit tables.
In November, the Macau government approved the long-anticipated expansion of non-gaming facilities at Ponte 16, along with a renewed and amended public land concession for the property. Permitted facilities, according to the announcement, include a “commercial building”, a “plaza”, and a “vessel” named Macau Palace. Work is likely to begin within the first half of this year.
