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.
Singapore police have busted at least two illegal gambling operations in the past week, while across Asia authorities have moved to stamp out illicit activities, from raids on premier league matches in India, to illegal number forecasting in Malaysia.