Suncity posts 69.5% drop revenue for H1

Suncity posts 69.5% drop revenue for H1

Revenues fell to RMB93.7m (US$13.6m), while gross profits dropped 45.8 per cent to RMB28m (US$4m).

Hong Kong.- Casino operator Suncity Group has reported a year-on-year drop in revenue of 69.5 per cent for the six months ending June 30.

Revenues amounted to RMB93.7m (US$13.6m), while gross profits decreased by 45.8 per cent to RMB28m (US$4m).

In a filing to the Hong Kong Stock Exchange the company said: “The decrease was mainly attributable to the decrease in revenue from the travel related products and services segment.” 

The company also reminded investors that its Philippines subsidiary, SunTrust, was now owner of a 74.42 per cent stake in the Westside City Project at Entertainment City. Architectural design work on the project has begun and the main hotel casino venue is expected to open in 2023.

Suncity is also behind the Hoiana hotel and casino in Vietnam, which offered a preview during the pandemic.

The company said it “will continue to ramp up the property to prepare for more VIP rooms, hotel rooms, additional food & beverage and retail outlets to be ready for the grand opening in 2021.” 

It added: “Given current market situation, hotel rooms will be rolled out in phases according to the demand of the market to balance cost and benefits.” 

Finally, the company said it expected to open the Suncity VIP roomand a 34-room hotel extention at Tigre de Cristal in Primorye, Russia, by the end of the year.

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