Published
Land-BasedCasinoFinancialIndustry

Kingston Financial Group reports 27% drop in revenue for a six-month period

Kingston Financial Group reported revenue for the six months that ended on September 30 was HKD1bn ($129m), a 27% drop from HKD1.4bn for the same period last year. Profit was HKD169m, an almost 65% decline from HKD476.8m recorded in 2019.

Kingston Financial Group

The profit attributable to company owners fell by 65% to HKD196m ($25.3m) compared to HKD477.6m for the same period last year. The decline was primarily attributed to revenue declines from the Group’s hotel and gaming business in Macau due to COVID-19.

The group operates two hotels in Macau, and during the six-month period, revenue from hotel operations was HKD15.7m, an 85% drop from HKD102.5m reported for the same period last year.

The group has two casinos located in the hotels: Casa Real and Grandview. Gaming operations, run by Sociedade de Jogos de Macau, S.A., brought in a year-on-year loss of HKD13.5m, a 106% decrease from a profit of HKD215.7m. The group signed an addendum with SJM “for the continuation of the provision of services to SJM in the two casinos”. The term of service has been extended to 26 June, 2022.

The group’s statement also expressed uncertainty over future prospects, but the group said it will regularly review its policy to respond in a timely manner to the changing environment to sustain growth.


Asia News Sponsor
Premium+ Connections
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...