Macau | Success Universe to buy two Hong Kong properties owned by its chairman for some HK$148 mln

Macau (MNA) – Gaming operator Success Universe Group Ltd. has purchased two properties in Admiralty Centre in Hong Kong for some HK$148 million (US$18.9 million), the company revealed in a Hong Kong Stock Exchange release.

The two properties are located in Tower 1 in the Admiralty Centre at No. 18 Harcourt Road in Hong Kong and comprise a total saleable area of approximately 278 square metres.

According to the release, a wholly-owned subsidiary of Success Universe named Victory Devotion Limited purchased all shares from Merchant Charm Limited and Massive Success Global Limited, two companies incorporated in the British Virgin Islands and owned by Active Trade Investments Limited.

Active Trade is an investment holding company directly owned by Sonny Yeung Hoi Sing, the Chairman of the Board, Executive Director and controlling shareholder of Success Universe.

Success Universe’s main businesses and investments are related to travel, property investment and operating the Ponte 16 property in Macau.

Success Universe has also acquired some HK$97.7 million in share loans possessed by the two companies, and their tenancy agreements with Success International Management Services Limited (SIMSL), a company also owned by Mr. Yeung.

The two properties’ rent is set at an aggregate monthof HK$237,848, with both tenancy agreements expiring December 2019.

Success Universe entered into the acquisition agreement on February 13 with the completion to take place on the fifth business day after approval is given by the company’s independent shareholders.

Due to their involvement in the related companies, Mr. Yeung and his nephew Hoffman Ma Ho Man – who is Success Universe’s Deputy Chairman of the Board and an executive Director – will abstain from voting.

Macau | Rich Goldman attributable profits fall 71.8 pct y-o-y in H2 2017 to HK$7.3 mln

Attributable profits from local junket operator Rich Goldman Holdings Limited – formerly Neptune Group Limited – dropped 71.8 per cent year-on-year to HK$7.3 million in the second half of 2017, as the company looks to shift its main business focus from junket operations to hotel operations and money lending

Macau (MNA) – Local junket operator Rich Goldman Holdings Limited – formerly Neptune Group Limited – saw its profits attributable to the company’s shareholders fall 71.8 per cent year-on-year in the second half of 2017 to HK$7.3 million.

Rich Goldman businesses range from VIP rooms junket operations to hotel operations, with its turnover from junket operations having dropped 65 per cent year-on-year to HK$47.5 million.

Revenue generated in the last six months of last year plummeted 52.7 per cent yearly to HK$64.2 million, with decreases mainly attributed to the termination of the company’s VIP operations in The Venetian last year.

Junket operations agreements with Hao Cai and Nepture Ouro Profit were terminated on June 30 2017 with an agreement with Hou Wan Profit to terminate on August 30, leading to a total impairment loss of intangible assets of approximately HK$356.7 million.

The company currently owns only eight VIP tables in Grand Lisboa, having also reassessed its agreement with Hoi Long Profit, with its useful life estimated to finish on April 28 of this year.

However, the group also announced it managed to collect a ‘considerable amount’ of trade receivables long overdue from some of its business partners in the second half of 2017, with its total debt reduced from HK$357 million to HK$47 million.

‘In view of the fluctuating return of the gaming industry in Macau, our group has commenced the hotel operation business and money lending business in Hong Kong to maintain a stable and sustainable growth in returns for our shareholders,’ the company announced.

In June of last year Rich Goldman purchased Hong Kong company Harbour Bay Hotels Limited, with hotel operations having provided the company with some HK$11.7 million in the covered period, while money lending operations provided some HK$5 million.

‘We are optimistic about the tourism market outlook in the coming years in Hong Kong. Our group will keep developing the hotel operation business and take advantage of the closer connection and business partnership with the Mainland,’ the group added.