Success Universe expects consolidated profit of up to US$1m for 2021

Success Universe reported a US$18m net loss for 2020.
Success Universe reported a US$18m net loss for 2020.

Success Universe, which operates Macau’s Ponte 16 casino, has announced it expects to record a consolidated profit of between HK$3m and HK$8m (US$383,000 and US$1m) for the year 2021.

Macau.- The casino investor Success Universe Group Limited has reported it expects to post an unaudited consolidated profit of up to HK$8m (US$1.0 m) for the year 2021, up from a loss of HK$142m a year earlier.

According to the company, the expected profit is mainly due to fair value gain on the group’s overseas-listed stocks. The group’s share of the loss related to associates and Ponte 16 has decreased, and there was a fair value gain on company investment properties.

When submitting its half-year results, Success Universal said its losses had shrunk significantly, with business performance returning to “nearly half of pre-pandemic levels” as gaming and occupancy at Ponte 16 improved. Rhe average occupancy rate at Sofitel Ponte 16 was over 90 per cent during last year’s Labour Day Golden Week.

Last year, Success Universe acquired approximately 23.4 units of Bitcoin. The purchase was made as an investment at a cost of (HK$10.1m) US$1.3m. The casino operator said the investment would diversify the Group’s investment portfolio and enhance its asset value.

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