Success Universe, operator of Ponte 16 in Macau, posted profit of HK$14.2 million (US$1.8 million) in the first half of 2018, up from a loss of more than HK$21 million in the prior year period.
The company said the turnaround in profit was mainly attributed to a fair value gain on investment properties of the group, and an increase in the group’s share of profits related to Ponte 16.
Revenue increased by approximately 75 percent, reaching HK$478.5 million, compared to only HK$273.0 million in 17H1.
Success Universe said that stable growth momentum in Macau’s gaming industry and positive developments in the global travel and tourism sectors allowed the group to achieve encouraging results in the reporting period.
However, the company also noted downside risks for the second half of the year due to tensions between “major economies” – likely referring to risks relating to the U.S. and China’s trade war.
The company did not recommend payment of an interim dividend for the period.
This Dossier results from the “Life After POGOs” editorial project by Asia Gaming Brief which culminated with a pop-up digital forum on 9th December to discuss potentials ramifications in the industry.
Yokohama city has launched its RFP process to build a major urban IR at the Yamashita Pier candidate site. The timeline calls for the operator partner to be selected in the summer and the agreement finalized in the autumn.
Sands China volunteers and local community groups recently worked together at The Venetian to build 40,000 hygiene kits for Clean the World, an international social enterprise that provides hygiene supplies essential for good health to populations in need around the globe, helping prevent the spread of disease.
Over the years, many of the answers have been remarkably prescient in their forecasts for the near-term direction of Asia’s gaming industry. However, we can safely say that no one came anywhere close to guessing
what 2020 may have had in store.
While nowhere in the world has escaped the economic fallout from the Covid-19 crisis, Macau has been hit harder than most, with forecasts for gross domestic product to shrink more than 50 percent this year.