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Success Dragon folds on Vietnam

The service provider of outsourced management solutions and information technology to the gaming industry sees no profitable outcomes under tightened Vietnamese regulations on greyhound and horseracing betting

Success Dragon International Holdings Limited has pulled out of various racing businesses in Vietnam, a filing by the company with the Hong Kong Stock Exchange announced on Wednesday after trading hours.
The gaming service and IT solutions provider has terminated four agreements in that country related to greyhound and horseracing services provision due to the ‘adverse regulatory climate,’ following a decree issued by the Vietnamese Government this month reducing the scope and development of wagering on races.
Success Dragon has pointed out three elements that would likely lessen the company and its subsidiaries’ capacity ‘of ramping up business volume and revenue to reach a satisfactory level to recover operating […] and repay start-up cost and expenses’ within the framework of the decree.
In addition to the restriction of betting per player – which is set at VND1 million (HK340) per day – disallowance of international simulcast of greyhound and thoroughbred racing, and the limitation on opening new off-track betting outlets have prompted the company to exit the deals.
In the filing, Success Dragon estimates an operating loss incurred of roughly HK$40 million and a HK$70 million impairment loss on the property, plant, and equipment for the financial year ended 31 March 2017, arising from the recent regulatory changes and the termination of the agreements.
The company noted, however, that the termination ‘will not have any material adverse impact on the financial position and operation of the group,’ claiming further that it allows it ‘to focus and channel its resources on developing other existing business and new potential business.’
Success Dragon also provides electronic gaming equipment to casinos in Macau, including Pharaoh’s Palace Casino, Casino Casa Real, and Casino Grandview, according to the company.