GGRAsia – Success Universe sells casino ship for US$11.9 mln

Success Universe sells casino ship for US$11.9 mln

Jul 03, 2014 Newsdesk Latest News, Macau, Top of the deck

Macau casino investor Success Universe Group Ltd sold its M.V. Macau Success casino ship (pictured) by HK$93 million (US$11.9 million), it said in a filing to the Hong Kong Stock Exchange on Wednesday.

The casino cruise ship that operates out of Hong Kong was sold to Star Sail Investments Ltd, it said.

Hoffman Ma Ho Man, deputy chairman of Success Universe Group, had told GGRAsia: “The reason is the price [offered] and that the ship is getting old and costs are going up.”

The cruise ship business posted a profit of approximately HK$0.5 million in 2013 compared with approximately HK$2.9 million in 2012, the Success Universe Group said.

The company said it expects to record “a pre-tax gain of approximately HK$44.2 million” from the sale. “It is intended that the proceeds from the disposal will be applied as general working capital of the group,” it added.

The M.V. Macau Success is a nine-deck cruise ship, operating on a daily basis from Hong Kong to international waters. It features a casino and entertainment facilities, with a total capacity for 660 people and more than 200 passenger rooms.

The cruise ship is expected to be delivered to Star Sail Investments before August 31, the company said.

Success Universe Group is a joint venture partner with a unit of SJM Holdings Ltd in Macau casino resort Ponte 16. SJM also supplies the gaming licence for the property.