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Rich Goldman posts 26.3% net profit decline

Rich Goldman Holdings Limited posted a 26.3 percent fall in net profit for the 2019 financial year, due mainly to a decrease in the group’s gaming revenue.

Said net profit reached fell to HK$91.6 million (US$11.7 million), down from HK$124.4 million. 

Rich Goldman said the reduction in gaming revenue was due to the termination of the gaming promotion agreement between Venetian Macau Limited and its junket operator in 2017, leaving only 8 VIP tables in the Grand Lisboa casino as the only remaining junket business of the group. 

Gaming revenue fell 18.9 percent to HK$74.1 million in the financial year. 

The company also runs a money lending business, hotel operation business, and property leasing business. 

The three business streams generated solid growth in the financial year, and the company said it aims to continue to develop these diversified income streams. 

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