Success Universe Group forecasts strong rebound driven by Macau casino hotel

Success Universe Group Ltd, a major investor in the renowned Macau casino hotel Ponte 16, has announced its optimistic outlook for the first half of 2023, projecting a consolidated profit ranging from approximately HKD 130 million (US$16.6 million) to HKD 170 million. This forecast marks a substantial turnaround from the previous year’s corresponding period, which saw an unaudited consolidated loss of HKD 125.5 million.

The investment firm, a joint venture partner with a unit that invests in casino concessionaire SJM Holdings Ltd, has a significant presence in Ponte 16, strategically located within Macau’s Inner Harbour district.

Success Universe forms a joint venture investment partnership with a subsidiary of the casino concessionaire SJM Holdings Ltd at Ponte 16.and the district of Macau’s Inner Harbour.

H2 results to be released shortly

According to a recent filing with the Hong Kong Stock Exchange on Wednesday, this anticipated improvement is intrinsically tied to Ponte 16’s successful financial performance in H2 2023. The firm, which is listed on the Hong Kong stock exchange, emphasized that its positive trajectory is further propelled by the positive outcome of shared associates’ profit-loss dynamics related to Ponte 16, amounting to approximately HKD 9.6 million during the first half of 2022.

Moreover, the positive shift in profit expectations for the initial half of the current year is also attributed to a “significant fair value gain on the group’s overseas listed equity securities” during the same period. This stands in stark contrast to the fair value loss of HKD 97.0 million experienced during the corresponding period of the previous year.

While Success Universe Group is still in the process of finalizing its unaudited results for the first half of the year, it anticipates releasing these figures later this month.

Proposed three-storey mall and an open-air plaza extension

Looking back at the financial performance of the company, Success Universe reported a loss attributable to its stakeholders, amounting to just under HKD 287.1 million for the entirety of 2022. This comes as a stark contrast to the profit of HKD 4.9 million recorded in the preceding year of 2021.

Hoffman Ma Ho Man, the deputy chairman of Success Universe said that ambitious plans are in motion for Hotel Ponte 16’s expansion. This involves proposing the development of a “three-storey mall” and an expansive open-air “plaza” to the local government. If approved, the resort will enhance offerings to Ponte 16’s visitors.

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