Success Universe with 68pct y-on-y drop in revenue for 2020

Success Universe, the group responsible for the Sofitel at Ponte 16 integrated resort, has reported a total of HK$141.9 million (US$18.2 million) in net profits for 2020 after registering a 68 per cent year-on-year drop in revenue.

The group ended 2020 with HK$363.8 million in revenue after the year prior had reported some HK$1.1 billion, with Sofitel reporting an Adjusted EBITDA loss of approximately HK$242.9 million.

The property in the Inner Harbour is managed by Success Universe in a partnership with SJM Holdings Limited.

‘To alleviate the financial pressure brought by COVID-19, Ponte 16 has been carrying out a series of cost containment measures, streamlining operational efficiency with flexible manpower arrangement,’ the group noted.

Ponte 16 also took part in a Global Purchase Event during November and December 2020, partnering with KOL’s in Taobao to set up livestreams on media platforms to promote the facilities and services available at the property

The casino of Ponte 16 had 88 gaming tables in operation, consisting of 82 mass gaming tables and 6 high-limit tables.

Succes Universe also made a HK$36 million investment in American electric vehicle and clean energy company Tesla, with the stock investment valued at HK$169 million by the end of 2020.

The group also operates Jade Travel Ltd., one of the largest travel agencies in Canada, with its travel segment generating some HK$354.2 million in revenue for the year despite the travel disruption caused by the pandemic.

By the end of last year, the group held HK$1 billion in net assets and HK$339.5 million in bank facilities.