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Rich Goldman expecting almost $5 mln in net losses for 1H23

Junket investor Rich Goldman is expecting to record approximately HK$39 million ($4.9 million) in losses attributable to owners of the company for the first half of 2023.

Despite the group’s revenue having increased by approximately HK$38 million ($4.86 million), to some HK$98 million ($12.53 million) for the financial year ended June 30, 2023, foreign exchange differences related to Renminbi against Hong Kong dollars led to a HK$3 million ($385,000) jump in the company’s net losses.

Other reasons mentioned included the absence of the gain on bargain purchase on an acquisition of approximately HK$29 million ($3.7 million) recorded last year; a HK$12 million ($1.5 million) increase in administrative expenses; and a HK$9 million ($1.1 million) increase in the group’s impairment losses on loans receivable and interest receivables.

According to the Hong Kong Stock Exchange dispatch signed by chairman, Lin Yee Man, Rich Goldman’s full financial results are expected to be published in late September 2023.

The group previously operated junkets in Macau and the Philippines, but has suspended all of its gaming-related activity since last year, as it waits ‘until there is a fundamental improvement in the operating environment’.

In June of this year, Rich Goldman disclosed that a borrower had failed to repay a loan of some HK$35 million ($4.5 million) issued in 2020.

AGBrief Editorial
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The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.

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