Success Universe expects loss of up to US$6.4m for H1
Full results will be published later this month.
Macau.- The casino investor Success Universe Group Limited, which operates Macau’s Ponte 16 casino, has announced that it expects to post an unaudited consolidated loss of between HK$30m (US$3.9m) and HK$50m (US$6.4m) for the first half of the year. That compares with an unaudited consolidated profit of HK$153.8m (US$19.7m) for the corresponding period last year.
The company mainly attributed the loss to a fair value loss on its overseas-listed equity securities and a decrease in the value of investment properties in contrast to a gain for the same period last year. It also cited a write-down of the carrying amounts of the group’s properties and leasehold land and buildings. Final results for the six months to June 30 will be published in late August.
In 2023, the company posted a net profit of HK$169.3m (US$21.6m). Revenue was down 11 per cent in year-on-year terms to approximately HK$101.9m while gross profit increased by 35 per cent to about HK$16.8m.
From the casino hotel Ponte 16, the company posted adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$334.1m (US$42.7m). The company’s shared profit of the associates amounted to HK$143.7m (US$18.4m). As of December 31, the casino at Ponte 16 had 109 gaming tables in operation: 103 mass tables and 6 high-limit tables. The average occupancy rate of Sofitel Macau At Ponte 16 reached approximately 83 per cent in 2023.
