Success Universe says it’s optimistic about the long-term future for the Macau gaming industry, with the expansion in the mass sector pointing to more sustainable future growth.
The group also said it’s seeking other business opportunities to help replace a loss of revenue from China’s suspension of online lottery sales.
Success Universe, which owns a majority stake in Macau’s Ponte 16 property and is involved in the lottery business in Mainland China reported a 2016 loss attributable to owners of the company of HK$31.0 million ($3.9 million), widening from HK$6.7 million, the year earlier.
Revenue fell 43 percent to HK$573.1 million, with revenue from the lottery business in China plunging to just $8.3 million from $69.6 million in 2015.
“In the face of a more competitive operating environment and the ever-rising expectations of tourists, Ponte 16 will continue to enhance its entertainment mix by introducing new excitements to visitors during their stay in Macau,” the group said in a release.
Success Universe also said that it is actively seeking business opportunities to fill the revenue gap during China’s suspension of online sales. Beijing put a temporary ban on paperless sales in March 2015 in a bid to stamp out widespread illegalities and to provide time to draw up a proper regulatory framework. It’s unclear when the new rules may be ready.
“The group is actively seeking for business opportunities during the suspension period and preparing to retap into the lottery market with its established network and resources, such as the physical sales channels in certain cities,” it said.
The ban has hit nearly all lottery companies with operations on the mainland.