Rich Goldman profit down 38 pct in 17H2

Macau junket operator Rich Goldman saw its 17H2 profit fall 38 percent to HK$24.7 million (US$31.6 million), impacted by a significant drop in revenue from its gaming business.

Revenue from commission on rolling turnover fell 65 percent in the half-year to HK$48 million, compared to HK$136 million in the year before.

As noted in a profit warning filing a few days before, the considerable decrease is attributed to the termination of two gaming promotion 13 agreements between Venetian Macau Limited and our Junket Operators in 2017, leaving a total of 8 VIP tables in the casino of Grand Lisboa as the only remaining currently operating junket business of the group.

On the other hand, Rich Goldman however said it saw a strong start to its money lending and hotel operation businesses, with revenue reaching HK$5 million and HK$11.7 million respectively.

The group says it will continue to develop the money lending business, and is optimistic of the tourism market outlook for its hotel business.