Success Universe issues profit warning
The company expects to record a decrease in consolidated profit of between 40 and 50 per cent for 2024.
Macau.- Success Universe, an investor in the Macau Ponte 16 casino, has issued a profit warning. It expects to record a decrease of 40 to 50 per cent in unaudited consolidated profit for the year ended December 31, 2024. It reported HK$169m (US$21.75m) for the previous year.
The decline in profit comes despite a gain of HK$31m (US$4m) from disposal of the group’s overseas-listed equity securities. The company attributed the decrease to an increase in the fair value loss on its investment properties and the write-down of the carrying value of its property portfolio. It expects to share its full financial results later this month.
In February, Hoffman Ma Ho Man, deputy chairman of Success Universe Group, said it was “unrealistic” to expect Macau’s gross gaming revenue (GGR) to return to 2019 levels as the city now has only 20 per cent of its GGR coming from the VIP sector. During a lunch for the Hong Kong press, Ho Man said the focus should be on increasing foot traffic, particularly in the mass-market segment.
Macau’s GGR for 2024 was MOP226.78bn (US$28.39bn), up 23.8 per cent year-on-year but down 22.45 per cent compared to 2019 levels (MOP292.45bn). GGR for the first two months of 2025 was MOP38bn, up 0.5 per cent from the prior-year period.
