Success Universe reports US$17m net loss for H1

Casino operator Success Universe, responsible for Ponte 16 casino, has reported revenue of HK$333.8 million for the first half.

Macau.- Casino company Success Universe Group has reported HK$132.2 million (US$17 million) in net losses in the first half of the year.

The group, which operates Ponte 16 in Macau, has revealed revenue was half that of the same period of last year, at HK$333.8 million (US$42.9 million).

The company attributes the majority of the decrease to a fall in the sales of air tickets and provision of travel-related services from the group’s Jade Travel, a travel agency in Canada.

The group said it was also heavily hit by the suspension of group and individual travel visas from mainland China as a result of the Covid-19 pandemic.

The venue has reported HK$93.3 million (US$12 million) in negative adjusted EBITDA for the first half.

The company said in a statement: “It is not clear how soon this pandemic may end and the business environment is expected to remain volatile amid the rapidly changing economic and political landscapes.

“The Group has always been cautious and prudent towards the formulation of corporate strategy and financial discipline, and remains resilient in the face of economic headwinds with solid fundamentals and diversified business portfolio.”

While casinos in Macau has been open since February following a 14-day shutdown, border measures to prevent the spread of Covid-19 continue to hit the gaming industry.

As of June 30, Ponte 16’s casino had 78 gaming tables in operation, consisting of 69 mass gaming tables, 5 high-limit tables and 4 VIP tables.