Success Universe: Results due to poor Ponte 16 performance

Success Universe will record a loss for the first six months of the year as the result of a poorer than expected performance from its flagship investment, the casino-resort Ponte 16 in Macau, the company has announced in a warning filing with the Hong Kong Stock Exchange.
‘There is a further decrease in the group’s shared profit of the associates relating to Ponte 16, the flagship investment project of the group’, the announcement of the Hong Kong-based company reads.
Last year, for the first six months, Success Universe generated a profit attributable to owners of HK$47.7 million and an Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) of around HK$206 million from Ponte 16, which was explained by an increase in the number of visitors to Macau and in gaming revenue from the mass market segment of the venue.
This is the second warning Success Universe has issued regarding the interim results of the company. Initially, on July 13 it was announced that the company would record a ‘significant decline’ in terms of results based on the unaudited management accounts for the five months ended May 2015.
Besides the decrease of income from Ponte 16 resort, the results were explained in the first warning by the non-recurrence of the FIFA World Cup which boosted lottery business turnover in June 2014 and the voluntary suspension of the paperless lottery sales agency services, as suggested by the Ministry of Finance, the Ministry of Civil Affairs and the General Administration of Sport of China issued in January 2015 due to the illegal sale of lotteries through the Internet.