The company has announced financial results for the year ending June 30. Numbers plunged due to the pandemic.<\/p>\n\n\n\n\n\n\n\n
Hong Kong.- Rich Goldman Holdings has reported a net loss of HK$81.2 million (US$10.5 million) for the year ending June 30. That’s down from a profit of HK$91.6 million (US$11.8 million) in the previous year.<\/p>\n\n\n\n
The company attributes the fall to border measures intended to prevent the spread of the Covid-19 pandemic, which caused a decrease in visitation to its Hong Kong hotel and reduced revenue from its Macau junket investment.<\/p>\n\n\n\n
Revenue from the gaming segment fell 70.6 per cent year-on-year to HK$21.8 million (US$2.8 million), impacted by Macau border closures and the cessation of its last remaining cooperation with a junket operator in March 2020. Hoi Long Sociedade Unipessoal Limitada ended its contract to oversee eight VIP tables at Grand Lisboa due to \u201cchallenging economic conditions and the recent outbreak of Coronavirus.\u201d<\/p>\n\n\n\n
Rich Goldman said in a statement that its 2020 financials were the result of a \u201cchallenging year amid the worsening business environment as a result of several adverse factors”.<\/p>\n\n\n\n
It added: \u201cFurthermore, the Group\u2019s Gaming and Entertainment Business was in a transitional period from Macau to the Philippines this year. The cessation of business in Macau and the delay of commencement of new business have caused significant reduction of revenue from this segment.”<\/p>\n\n\n\n
As the scenario for the gaming industry remains difficult, the company said it “will continue to focus on its established diversification strategy”, involving plans to \u201cexpedite the gaming business setup in the Philippines; further expand existing money lending business by incorporation of fintech elements into the traditional business model; actively explore the market opportunities to strengthen our property leasing business; and broaden the business scope of our hotel operations to property management.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The company has announced financial results for the year ending June 30. Numbers plunged due to the pandemic.<\/p>\n","protected":false},"author":2,"featured_media":10528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Rich Goldman Holdings reported a net loss of HK$81.2 million for the year ending June 30, a significant decline attributed to COVID-19 border measures impacting its Hong Kong hotel and the cessation of its Macau junket operations. The company is strategically pivoting its gaming and entertainment business from Macau to the Philippines and pursuing a diversification strategy that includes integrating fintech into money lending, expanding property leasing, and broadening hotel operations to property management.","focusai_entities":"Rich Goldman Holdings, Hoi Long Sociedade Unipessoal Limitada, Grand Lisboa","focusai_location":"Hong Kong, Macau, Philippines","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), compliance_legal (0.75), operator_casino (0.85), tech_data (0.7), payments_fraud_aml (0.7), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Philippines Market Entry Strategy","query":"What specific B2B\/B2C licensing pathways and capital allocation strategies are being pursued for the expedited gaming business setup in the Philippines, and what is the projected GGR contribution timeline?"},{"label":"Fintech Diversification Impact","query":"How will the incorporation of fintech elements into the money lending business enhance operational efficiency, mitigate credit risk, and contribute to NGR, particularly in the context of broader diversification?"}],"footnotes":""},"categories":[160,16338,163],"tags":[1619,257],"class_list":["post-10525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-hong-kong","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=10525"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10525\/revisions"}],"predecessor-version":[{"id":10536,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/10525\/revisions\/10536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/10528"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=10525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=10525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=10525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}