Success Universe expects drop in consolidated loss for H1

Success Universe Group has announced it expects a consolidated loss for the first half of the year at least 50 per cent lower than the loss reported in the first half of 2020.

Macau.- Macau casino investor Success Universe Group Limited has reported it expects a drop in consolidated loss for the first half of 2021 of between 50 to 70 per cent when compared to the first half of 2020.

Success Universe reported HK$132.2m (US$17m) in net losses in the first half of last year. At the time, the company said it was also heavily hit by the suspension of group and individual travel visas from mainland China as a result of the Covid-19 pandemic.

The group expects a loss of no more than HKD66.2m for the first six months of this year due to the decrease in the Group’s share of losses relating to Ponte 16.

In June, Success Universe reported that it had been providing financial assistance to Pier 16 Property Development for the development of Ponte 16 to guarantee 49 per cent of its payment obligations regarding existing facilities.

According to the company, Ponte 16 carried out a series of cost containment measures to alleviate the financial pressure brought by the Covid-19 pandemic. It had been streamlining operational efficiency with flexible manpower arrangements.

In May, Success Universe also revealed that it had 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.

The company said in a press release: “Although the cryptocurrency market is volatile in the near-term and the prices of cryptocurrencies may be subject to fluctuations, the Board believes that there is still room for cryptocurrencies in general.”