Success Universe Group plans to include Macau Palace in the third phase of its Ponte 16 expansion.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Success Universe Group<\/strong>, the investor and operator of\u00a0the Ponte 16<\/strong>\u00a0property, has revealed plans for the third phase of its expansion project, which will include the historic Macau Palace<\/strong> casino.<\/p>\n\n\n\n With an estimated\u00a0investment exceeding MOP100m (US$12.4m)<\/strong>, the group will renovate Macau Palace, aiming to transform it into a cultural destination with dining, retail and a gaming culture museum.\u00a0Discussions with the SAR government are underway to finalise details, and the group is seeking financing options from banks.\u00a0<\/p>\n\n\n\n Established in 1962 by Sociedade de Turismo e Divers\u00f5es de Macau (STDM), Macau Palace will be relocated from Lam Mau Harbour to No.14 Pier in the Inner Harbour area, adjacent to the Ponte 16 resort.\u00a0With this announcement, the casino will shift its focus from gambling to entertainment and cultural experiences.\u00a0<\/p>\n\n\n\n At the annual general meeting, Success Universe Group’s director, Hoffman Ma Ho Man, highlighted signs of recovery in Macau’s tourism industry as the group’s hotel occupancy rate and room prices reached 80 per cent and 85 per cent of 2019 levels.<\/p>\n\n\n\n Ma predicted a quarter-on-quarter increase in Macau’s gaming revenue and anticipated that annual gaming revenue for 2023 will surpass MOP150bn.\u00a0Success Universe Group’s\u00a0revenue for 2022 was down 24.1 per cent<\/strong>\u00a0year-on-year<\/a>\u00a0to HK$114.8m, and the company posted a loss attributable to owners of HK$287.1m, down from a HK$4.9m profit in 2021.<\/p>\n\n\n\n The loss was mainly caused by the recognition of a HK$174.1m fair value loss on the group\u2019s overseas-listed equity securities, a fair value loss on investment properties and a write-down of the group\u2019s properties stock of approximately HK$20m (US$2.62m).<\/p>\n\n\n\n