Success Universe: Macau GGR to reach 60% of pre-pandemic levels this year
Success Universe’s deputy chairman says the reopening of the border with China will aid the recovery.
Macau.- Hoffman Ma Ho-man, deputy chairman of Success Universe, which operates the hotel-casino Ponte 16, believes Macau’s gross gaming revenue (GGR) could reach 60 per cent of pre-pandemic levels this year. He expects mass market revenue to fully return to pre-pandemic levels, increasing the segment’s contribution to the total GGR.
Ma Ho-man predicts revenue of between US$1.bn to US$1.1bn for February but anticipates a potential record high for the Labour Day holiday thanks to the reopening of the border with mainland China.
In January, Macau GGR grew 232.6 per cent month-on-month from MOP3.48bn (US$433m) in December to MOP11.6bn. Revenue was up 82.5 per cent year-on-year and represents the best monthly performance since January 2020 – before the Covid-19 pandemic.
Ma Ho-man said Success Universe is negotiating with the Macau government regarding the third phase of Ponte 16. The company’s hotels had 90 per cent occupancy rates in January, with some fully booked, but a 10 per cent drop in occupancy is projected for this month.
Success Universe reported a HK$125.5m (US$16m) loss in the first half of the year 2022. 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$1.0m (US$127,400) . The shared loss of associates decreased by 68.3 per cent to HK$9.6m.
See also: Macau’s GGR for first five days of February stands at US$235.1m