Success Universe, investor in the Macau Ponte 16 casino, has issued a profit warning, advising that it is expecting to record a loss of between HK$260 million ($33.13 million) and HK$300 million ($38.2 million) for 2022.
The figure is a sharp turnaround from the HK$4.9 million in profit the group recorded in 2021, and comes largely due to a loss in its overseas listed equity securities and a loss on the group’s investment properties during the year.
The group notes that the predicted outcome is only ‘based on a preliminary assessment’, with the company’s yearly results to only be published ‘in late March’.
In the first half of the year, the group recorded revenue of HK$54.5 million ($6.94 million) but a net loss of HK$125.5 million ($15.99 million), as the Ponte 16 property recorded average occupancy rates of just 46 percent.
The operator could be expecting a turnaround this year, however, as Ponte 16 was one of the properties licensed to operate a casino under the new gaming concessions.
Legacy gaming operator SJM owns 51 percent of the Ponte 16 development, while Success Universe holds 49 percent.
