Success Universe net profit dips in 2024

Net profit was down 44.8 per cent in year-on-year terms.

Macau.- The casino investor Success Universe Group has shared its financial results for the year 2024. The company posted a net profit of HK$93.4m (US$12m), down 44.8 per cent year-on-year. Revenue was down 49.6 per cent in year-on-year terms to HK$51.4m (US$6.6m) while gross profit increased by 2.38 per cent to HK$17.2m ( US$2.2m).

Success Universe said the decline in profit was mainly due to: a “substantial increase” in the fair value loss on the group’s investment properties and a write-down of carrying amount in its stock of properties of HK$39.7m (US$5.1m), the recognition of a “substantial impairment loss” in the group’s leasehold land and building of HK$36.1m (US$4.6m) and a decrease in the group’s share of profit from Ponte 16.

As of December 31, 2024, the casino at Ponte 16 operated 109 gaming tables, comprising 103 mass tables and 6 high-limit tables. The average occupancy rate of Sofitel Macau At Ponte 16 was 88 per cent. Success Universe recorded HK$112m (US$14.3m) as shared profit, down from HK$143.7m (US$18.4m).

The company said: “To enhance its reach among visitors, Ponte 16 will continue targeted marketing campaigns across popular social media and online platforms. In this dynamic economic environment, the group is well-positioned to navigate evolving market conditions by maintaining a balance of optimism and prudence.

“The group will continue to closely monitor market dynamics, adopt its strategies to tackle challenges and remain steadfast in its dedication to enhancing its business portfolio, ensuring sustainable growth and seizing emerging opportunities.”