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Ponte 16 gets $62.6 million loan facility from operator Success Universe

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.

AGBrief Editorial
AGBrief Editorial
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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