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Rich Goldman swings to net profit in FY17

VIP gaming room promoter Rich Goldman Holdings, formerly known as Neptune Group Limited, recorded net profit of HK$39.9 million for the year ended June 30, 2017, up from a net loss of HK$466.7 million recorded in the previous year.

The group’s gaming revenue increased by approximately 6 percent to HK$295.5 million, attributable to improving customer patronage and increasing gaming volume in its VIP rooms at Sands Macau and Grand Lisboa.

It noted however that this was partially offset by a decrease in revenue contributed by the VIP rooms at The Venetian Macau.

Earlier this year, the board was informed that Venetian Macau Limited issued a written notice to Hao Cai, one of its junket operators, to terminate the gaming promotion agreement with effect from June 30, 2017.

The company also commenced a money lending business during the year, with revenue generated from business amounting to approximately HK$1.1 million.

In June, the company completed the acquisition of the entire equity interest in Harbour Bay Hotels Limited, a company principally engaged in hotel management business.

Revenue generated from the hotel operation business amounted to approximately HK$0.2 million.

Looking forward, Rich Goldman Holdings says it has high hopes for the money lending segment, and will continue to look for other avenues for revenue diversification.

“Our Group will also continue to expand our hotel-related business. Further, our Group will continue to explore other viable investment opportunities to diversify our revenue stream,” said the company in a filing to the Hong Kong Stock Exchange on Tuesday.

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