Tuesday, September 27, 2022

Rich Goldman swings to loss in 19H2 on macro-woes


Macau junket promoter Rich Goldman has announced the resumption of its VIP gaming operations in Macau as of 20 February 2020, following the mandatory casino closure of casinos earlier in the month. 

On Saturday, the company issued its financial results for the six months ended December 31 2019, reporting an HK$3.3 million loss attributable to company shareholders.

Revenue from its gaming and entertainment business, which comes from the commission of rolling turnover, fell 63 percent year-on-year to HK$18 million in the period.

Rich Goldman said its results were impacted by the U.S.-China trade war’s effect on the Chinese economy, and the decrease in visitors to Macau, as well as social unrest in Hong Kong. 

The group also saw a fall in revenue from its hotel operations business, which fell to HK$4.9 million from HK$12.6 million in the prior-year period.  

The company said it had launched promotional campaigns in an attempt to boost room sales - but was, unfortunately, ineffective. 

On the other hand, the group’s money lending business showed growth in the period, as well as its property leasing business. 

Asia Gaming Brief is a news and intelligence service providing up to date market information for worldwide executives on relevant gaming issues in Asia.

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