Success Universe, investor in Macau’s Ponte 16, recorded a 50 percent drop in revenue for 2024, totaling HK$51.4 million ($6.61 million). this comes as the group’s shared a profit of the associates relating to Ponte 16 amounted to approximately HK$112 million ($14.4 million), down 22 percent.
Despite the expected fall in revenue, profit attributable to owners of the company amounted to HK$93.4 million ($12 million). This represents a 44.8 percent yearly decrease.
During the period, the group registered a gain on the disposal of overseas listed equity securities of approximately HK$31.1 million ($ million), and a fair value gain on overseas listed equity securities of HK$89.2 million ($11.47 million).
Towards the end of last year, Success universe subsidiary BTL disposed of 19,500 Tesla shares for $9.8 million.
In 2024, the group also recognized in an impairment loss relating to leasehold land and building property plant and equipment totaling HK$36.1 million ($4.64 million). It also saw a substantial increase in the fair value loss on its investment properties and the write down of carrying amounts of the group’s stock of properties amounting to HK$39.7 million ($5.1 million).
The Macau government, in November of 2024, approved a land concession modification of Ponte 16 – which includes a plaza and a commercial building to be developed as a mall, aiming to revitalize the region and expand non-gaming facilities.
At the end of 2024, the casino at Ponte 16 operated 109 gaming tables, comprising 103 mass tables and six high-limit tables.
Looking ahead, Yeung Hoi Sing, Chairman of Success Universe Group, indicated that “In this dynamic economic environment, we are well-positioned to navigate evolving market conditions by maintaining a balance of optimism and prudence. The Group will continue to closely monitor market dynamics, adopt its strategies to tackle challenges and remain steadfast in its dedication to enhancing its business portfolio, ensuring sustainable growth and seizing emerging opportunities”.
