Success Universe issues profit warning
The company expects to record a loss of between HK$260m and HK$300m for 2022.
Macau.- Success Universe, an investor in the Macau Ponte 16 casino, has issued a profit warning. It expects to record a loss of between HK$260m (US$33.13m) and HK$300m (US$38.2m) for 2022. The sharp reversal from the HK$4.9m profit recorded in 2021 and is mainly due to a loss in overseas-listed equity securities and investment properties.
The figure is based on a preliminary assessment. The company’s yearly results will be published later this month. Success Universe reported a HK$125.5m (US$16m) loss in the first half of the year 2022, mainly due to low average occupancy rates at Ponte 16.
Group-wide revenue was just above HK$54.5m (US$6.94m), up 54.1 per cent from H1 2021. For Ponte 16, the company posted negative adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$1m (US$127,400). The shared loss of associates decreased by 68.3 per cent to HK$9.6m.
The operator could see a turnaround this year as Ponte 16 was one of the properties licensed to operate a casino under new gaming concessions. SJM owns 51 per cent of the Ponte 16 development, while Success Universe holds the remaining 49 per cent.
