Success Universe provides financial assistance to Ponte 16

Success Universe Group has provided financial assistance to Ponte 16 and acted as guarantor of the company’s payment obligations.

Macau.- Success Universe Group has reported that it has been providing financial assistance to Pier 16 Property Development for the development of Ponte 16, to guarantee 49 per cent of its payment obligations regarding existing facilities.

According to the company, Ponte 16 has been carrying out a series of cost containment measures to alleviate the financial pressure brought by the Covid-19 pandemic. It has been streamlining operational efficiency with flexible manpower arrangements.

The total outstanding principal amount of the loan under the Existing Facilities is approximately HK$185m, and it will mature on June 29, 2022.

The company release also referred to Macau’s economy, which was seriously disrupted due to the outbreak of the Covid-19. It stated the gaming and occupancy performance of Ponte 16 for 2020 was inevitably affected.

Success Universe reported a loss attributable to owners of the company of HK$141.9m (US$18.3m) for 2020, compared to a profit of HK$74.2m (US$9.5m) for 2019.

The company also reported overall losses of HK$145.7m (US$18.7m) in 2020, compared to a profit of HK$116.8m (US$15.0m) in 2019. It reported revenue of approximately HKD363.8m, down 68.3 per cent from 2019.

In May, Success Universe reported that it had acquired approximately 23.4 units of Bitcoin. The purchase was made as an investment at a cost of (HK$10.1m) US$1.3m.

Success Universe stated in a press release: “Although the cryptocurrency market is volatile in the near-term and the prices of cryptocurrencies may be subject to fluctuations, the Board believes that there is still room for cryptocurrencies in general.”

The company said the investment would diversify the Group’s investment portfolio and enhance its asset value.