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Success Universe Group warns of H1 losses

Success Universe Group Limited, an investor in Macau’s waterfront casino Ponte 16, announced it prepares for losses for the first six months of 2020 that ended on June 30. The recorded loss should be between HKD120m and HKD150m, a massive drop from the profit of HKD48.7m the group recorded last year.

Macau

The group stated part of the losses is attributable to Ponte 16, which came as a result of COVID-19 that severely affected financial performance of the venue.

The casino is a primary investment project, and the group partnered with SJM Holdings Ltd. that provides gaming rights for the casino.

In total, the venue has 109 game tables.

In 2019, Success Universe saw its profits rise by 36%, earning the group HKD74.2m. And the group planned an extension for Ponte 16 casino, but the ongoing COVID-19 pandemic caused delays. In mid-June, the group expressed hope that the “scheme can pick up steam again when the travel trade and visitor flow in Macau recover from the Covid-19 impact”.

Success Universe added that the sums are unaudited and the information is based on preliminary results. The full report is expected to be published in late August.


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