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HomeNewsMacauPonte 16 contributes to $36.5 million FY22 loss for Success Universe

Ponte 16 contributes to $36.5 million FY22 loss for Success Universe

The operator of Macau’s Ponte 16 casino, Success Universe, saw a HK$287.07 million ($36.57 million) loss for 2022, dragged down by a HK$42.1 million ($5.36 million) loss from the group’s share in Ponte 16’s operations.

The overall group loss was a turnaround from the HK$4.85 million ($620,000) profit it saw in 2021, which it attributes mostly to a loss on its overseas listed equity securities of HK$174.1 million ($22.18 million) – much of which is invested in Tesla, loss on its investment properties and a write down of its stock of properties amounting to HK$20.6 million ($2.62 million).

Regarding Ponte 16, the group noted that the hotel had average occupancy of 48 percent during the year, down from 52 percent in 2021, and it recorded an adjusted EBITDA loss of HK$46.2 million ($5.89 million), down from HK$57.6 million ($7.34 million) in FY21.

The casino on the property operated 109 total gaming tables, of which 101 are mass, as at the end of the year.

The group notes that it ‘believes that the mass market holds the most potential for sustainable growth’ in Macau and that overall it is ‘optimistic about the future’. It plans to fortify ‘its position in the entertainment and tourist-related industry while optimizing its investment property portfolio’.

The group is not planning on issuing a dividend for 2022.

AGBrief Editorial
AGBrief Editorialhttps://agbrief.com/about-asia-gaming-brief/
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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