Macau casino investor Success Universe posts $18m loss in 2020

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Macau casino investor Success Universe posts $18m loss in 2020

Macau casino investor Success Universe Group Limited has posted a loss attributable to the owners of the company of HK$141.9m (US$18.3m) in 2020, compared to a profit of HK$74.2m for the prior-year period.

Success Universe and other associates of Pier 16 — Property Development, the operating entity of Ponte 16 — the group’s flagship investment project — shared losses of HK$145.7m in 2020, compared to a shared profit of HK$116.8m in 2019.

The group owns a 49% stake in Pier 1 — Property Development, with SJM — Investment Limited, a subsidiary of Sociedade de Jogos de Macau, S.A. (SJM), holding 51%.

Revenue meanwhile for the year ended 31 December 2020 was HK$363.8m, a 68% decline from the prior-year period.

“It is too early to tell when the pandemic would be over at the moment and the influences will definitely last for a certain period,” said Success Universe Group Limited chairman Yeung Hoi Sing, Sonny.

“The recovery pace will depend heavily on the evolution of Covid-19 and the development of the vaccines. The group will continue to monitor the situation, proactively review its investment portfolio, consider other investment tools when and as appropriate, and seek opportunities from challenges, in order to create sustainable value for its shareholders, partners and customers.”