Success Universe: Ponte 16 renovations completed

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The renovation of Ponte 16’s hotel has been completed, according to statements by the executive director and deputy chairman of the property’s operator Success Universe Group ltd, Hoffman Ma Ho Man, as reported by Apple Daily.
According to the deputy chairman, the renovation of rooms in the hotel began two years ago, with investment per room under HK$100,000 (US$12,827).
A total of 400 rooms were refitted.
Ma also disclosed that the recent occupancy rate of the hotel remains at 70 to 80 per cent.
With the growing hotel room supply in the city, Ma said Ponte 16 has implemented a progressive pricing strategy, lowering prices when the occupancy rate is below 50 per cent and raising prices when the rate exceeds 50 per cent.
Currently, the average room price is lower than in previous years, but has not dropped more than 10 per cent, Ma noted.
Following the addition of a children’s playground in the hotel, aimed at attracting more families, the hotel operator will introduce a simulation racing game which the group has invested HK$10 million in.
For the gaming sector, Ma revealed that the performance for both VIP and mass market in Ponte 16 are similar to the general market, but added that plans will be rolled out to accompany changes.
Plans to renovate and integrate high betting areas and VIP rooms will also be carried out.
Ma remarked that the recent growth in the VIP market was due to the continuous decline in the past months.
Ma expects a 10 per cent increase in gaming revenues for 2017, when compared to the previous year, and remains cautious as to whether the VIP market will see substantial growth.
Success Universe suffered a HK$31 million loss last year, a substantial increase from the HK$6.7 million loss registered in 2015.
The company explained in previous filings that the significant downturn in revenue and profits was mainly due to a decrease in profits from its local casino.

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