Success Universe expects annual loss to grow by up to three times

Casino Ponte 16 operator, Success Universe Group Ltd expects to see its annual loss expand by one to three times for the 2016-year, due to a decrease in income generated from its flagship property in the MSAR.
According to a filing by the operator on the Hong Kong Stock Exchange, the full-year loss projection followed ‘a significant increase’ in net loss recorded for the first eleven months of 2016, compared to the same period in 2015.
The group explained that the expected increase in annual net loss is primarily due to a decline in the company’s share of profits from the associates of Ponte 16, as well as a notable decrease in operating revenue and increase in losses from its lottery business.
The company added that the impairment loss on the carrying value of the trademark of the company’s travel business also drove up the annual net loss.
For the 2015-year, the company registered a net loss after tax of some HK$11.6 million (US$1.5 million).
Meanwhile, for the first half of 2016, the company’s interim net losses quadrupled to HK$15.7 million, up from HK$3.8 million registered one year ago.
As at June 30 last year, the casino at Ponte 16 was operating 109 gaming tables, including 94 mass gaming tables, nine high-limit tables and six VIP tables.