Success Universe Group said it plans to refinance up to HK$490 million ($62.6 million) in loans provided to Macau’s Ponte 16, one of the few satellite casinos operating on the city’s peninsula.
In a filing, the group notes that a revised facility agreement will be entered into between Pier 16 – Property Development and the lender for revised facilities worth HK$230 million ($29.4 million) and MOP273 million ($33.8 million), with Success Universe executing security documents to secure the facility.
Pier 16 – Property Development is 49 percent held by World Fortune and 51 percent by SJM-IL, a wholly-owned subsidiary of SJM.
The Ponte 16 operator also noted that the MOP273 million ($33.86 million) facility is to “finance the payment of the Land Premium and the related costs for the Land Concession Modification”.
The HK$30 million ($3.83 million) facilities are for “general working capital for the non-gaming operation of Pier 16 – Property Development.”
Early this month, Success Universe said it is discussing with the government about its future development projects, part of which include a floating casino. The deputy chairman of the company, Hoffman Ma, said he expects the group’s next expansion plans will cost over HKD100 million ($12.8 million).
Regarding Macau’s recovery, the firm’s board noted that “the mass market holds the most potential for sustainable growth”.
“As a casino-entertainment resort located in the exclusive Inner Harbor area of Macau, Ponte 16 will strive to maintain its leading position with the support of its neighboring partners,” noted Ma.