DJ Tiesto spins HK$4.59 mln for Club Cubic

The September performance of world renowned DJ Tiesto generated HK$4.59 million (US$592,000) in revenues for Cubic, or 8.5 per cent of the total events revenue of the club, which stood at HK$53.98 million. The DJ’s gig, however, was not enough to avoid the revenue from featured events declining 1 per cent year-on-year to HK$54.34 million. Nevertheless, the profit generated by Club Cubic in 2015 increased 7 per cent year-on-year to HK$9.42 million from HK$8.79 million, according to a filing by Luk Hing Entertainment, the company managing the venue. Last year, the club located in the City of Dreams increased revenue by 4 per cent year-on-year to HK$125.52 million from HK$120.35 million. Most of the revenue was generated by regular operations, which increased 11 per cent year-on-year to HK$68.67 million from HK$62.03 million. Of the total beverage revenue, which stood at HK$92.87 million, down 1 per cent year-on-year from HK$94.16 million, 58 per cent or 54.03 million was generated by the sale of champagne. Spirits sales declined 7 per cent year-on-year to HK$27.01 million from HK$29.98 million, while the sale of other drinks dropped 5 per cent year-on-year to HK$11.05 million from HK$11.65 million. Not surprisingly, because of the new restrictions on the sale of tobacco these sales declined 2 per cent year-on-year to HK0.94 million from HK$0.97 million. According to a report by Union Gaming published yesterday, Melco Entertainment – the owner of City of Dreams – received around US$1.4 million (MOP11.19 million) in rent and profit sharing related to Cubic.