Macau’s gaming business has experienced the worst period for quite some time, with improvements coming at a “a snail’s pace,” said Neptune Group chairman Danny Xuda Huang.
Following a group net loss of HK$998.6 million ($128.8 million) for the year ended 30 June 2015, compared to profit of HK$515.4 million in 2014, the gaming investor chairman said “operators that are forecasting quick and strong rebound maybe overly optimistic.”
“We as a company continue to remain vigilant and conservative over the market sentiment but more importantly we focus to keeping our business model intact.”
The company’s gaming revenue fell 33 percent this year to approximately HK$473.6 million, a significant decrease compared with the same period in 2014.
“We face unsettlingly challenges to consider how to sustain our business under such difficult circumstances,” said Huang.
“Our core business is suffering. That will be addressed in the short term with a long term directive. It certainly is in the realm of possibility that both minor and radical changes to our business model be effected.”
He added that while the company remains hopeful for relaxed conditions after months of tightening “that have hurt the entire industry,” expectations of immediate change are not likely.
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