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NEWS 27 November 2017

Kingston Financial Group posts gaming revenue decline whilst hotel segment prospers

By Caroline Watson
In an update to investors, Kingston Financial Group Limited posted its financial results for the third quarter of 2017, showing a yearly drop in revenue generated from gaming operations in Macau during this period.

Although revenues from its hotel operations saw an increase, gaming operations fell almost 3% to HK$225.86m for the six-month period finishing September 2017.

On the bright side, the group’s hotel segment showed an 11% year-on-year increase in revenue, totalling approximately HK$96.33m.

The group operates Casa Real Hotel and Grandview Hotel Macau, with casinos in the properties running on the gaming licences of Sociedade de Jogos de Macau.

In a statement, the company said: “The two casinos continued to provide solid contributions to the group. The accessibility of Macau is seen as improving, as the Hong Kong-Zhuhai-Macau Bridge is expected to commence operation in 2018, which could increase the traffic flow and accessibility significantly.”

In total, the group’s turnover for the six months to September increased by 17% to HK$1.61bn, with profit attributable to the owners of the company rising 22% to HK$908.88m when compared to the same period last year, mainly due to the increase in income from margin and IPO financing business.
RELATED TAGS: Land-Based | Financial | Industry
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