Rich Goldman swings to profit, but gaming rev down

Macau junket promoter Rich Goldman Holdings saw its net profit attributable to owners of the company reach HK$39.9 million (US$5.1 million) in the twelve months ended June 30, compared to a net loss of HK$10.2 million in the prior year.

According to a filing from Rich Goldman, the increase in profit was due mainly to increases in revenue from its hotel operations and money lending businesses – which contributed to revenue of HK$23.3 million and HK$15.7 million, respectively.

On the other hand, the group’s gaming and entertainment business saw its revenue decrease 69.1 percent in the year to HK$91.3 million, down from HK$295.5 million in the prior year.

Rich Goldman said it intends to continue to engage in the gaming sector in Macau through the junket operator and will monitor its performance closely.

In a results filing earlier this year, Rich Goldman said it would continue to develop the money lending business, and is optimistic of the tourism market outlook for its hotel business.

Previous articleAccelerating player experience
Next articleVIP revenue at Crown Perth falls in 2017-18

Related Articles

Rich Goldman announces resignation of executive director

Hong Kong listed junket promoter, Rich Goldman Holdings, has announced the resignation of Executive Director So Wai Yin.

Rich Goldman issues profit warning

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 […]

Covid-19 delays Rich Goldman’s Manila venture

Junket promoter Rich Goldman said the Covid-19 pandemic has delayed the closure of a joint venture agreement that would allow it to provide VIP customers to Bloomberry Resorts’ Solaire Resort & Casino in Manila.

Rich Goldman swings to loss in 19H2 on macro-woes

Macau junket promoter Rich Goldman has announced the resumption of its VIP gaming operations in Macau as of 20 February 2020, following the mandatory casino closure of casinos earlier in the month.  On Saturday, the company issued its financial results for the six months ended December 31 2019, reporting an HK$3.3 million loss attributable to […]

Rich Goldman issues profit warning for 19H2

Macau junket promoter Rich Goldman Holdings has issued a profit warning for the six months ended December 31, 2019, due mainly to the impact of the China-U.S. trade war on its gaming revenue, and the drop in tourists from Hong Kong due to continued social unrest.  Rich Goldman also noted an increase in the group’s […]