Rich Goldman Holdings Limited issued a profit warning on Friday notifying shareholders that it would be recording more than HK$80 million (US$10.4 million) in losses for FY2020.
The warning stated that the setback was primarily attributable to an impairment loss on properties in an amount of approximately HK$65 million, and a fair value loss of the group’s investment properties of approximately HK$13 million.
The company noted that these losses relate to non-cash items and so are not expected to have any material impact on company cash flows.
Rich Goldman’s main businesses are junket promotion, money lending, and hotel operations.
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.