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Financial

Kingston Group reports $265m in revenue for FY2021

Kingston Financial Group has announced revenue of HK$2.1bn ($265m) for the year ended 31 March 2021.

CasinoBackground

It’s a 22% drop from the HK$2.6bn recorded the last year. Profit attributable to owners of the company was approximately HK$56.3m, an 89% year-on-year decline.

Adjusted EBITDA was HK$504.7m against HK$833.5m recorded in 2020. Basic earnings per share for the year was approximately HK0.32 cents, an 89% fall.

The group’s gaming revenue was negative HK$7.9m, a 102% decrease compared to profit of HK$382.3m.

As of 31 March 2021, the group has 69 mass-market gaming tables, 15 tables in VIP rooms and 262 slot machines. The group’s casino operation, located in two hotels, is run by licence holder Sociedade de Jogos de Macau (SJM).

Hotel income for the period was HK$26.4m against HK$149.5m recorded the last year. The average occupancy rates of the Casa Real and Grandview hotels were approximately 19% each, while the previous year it was 75% and 73%, respectively.

In total, the hotel and gaming business earned HK$36.7m, a massive drop from HK$558.4m in 2020.

Staff costs amounted to approximately HK$165.9m, while gaming commission, an amount paid as an incentive to attract customers, dropped 62% year-on-year to HK$122.4m.

The drop in figures was mainly due to the ongoing Covid-19 pandemic. “Such a significant decrease was primarily attributable to, among other factors, a drop in revenue from the group’s hotel and gaming business in Macau as a result of the drastic reduction in the number of visitor arrivals,” said the company.

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