Scientific Game

Success Dragon ceases operations at The Landmark Macau as gaming loss widens

Monday, 27 November 2017 06:39
Share
Visit us

Hong Kong-listed gaming service provider Success Dragon International Holdings Ltd says it has ceased operations at The Landmark Macau due to higher operating costs and worsening performance of the property.

The news formed part of the company’s interim financial results for the six months to 30 September 2017, which saw Success Dragon book a loss of HK$28.6 million – slightly narrowed from a loss of HK$30.2 million in the prior year period.

Although group-wide loss improved, revenue from its gaming business in Macau decreased 5.7% from HK$64 million to HK$60.4 million which was “mainly attributable to intense competition in the Macau gaming market faced by the group.”

Success Dragon also booked a loss of HK$9.2 million from its gaming segment, widened from HK$2 million last year, pointing to The Landmark Macau as the primary reason.

“Despite the cost control measures implemented by the group in Macau operations, the loss from such segment increased,” the company said, adding it was “mainly due to heavy operating cost and worse performance of one of the operation outlets located at the Landmark Macau. As a result, the management of the group decided to cease such operation at The Landmark Macau as at the end of the period under review.”

Macau Legend Development Limited announced only two weeks ago that it had agreed to sell The Landmark Macau to a group of four buyers for a total of HK$4.6 billion, including its Pharaoh’s Palace Casino which occupies 16,698 square meters and boasts 60 mass market gaming tables, 17 VIP gaming tables and 141 slot machines.

In a filing to the Hong Kong Stock Exchange on Friday, Success Dragon also warned that its interim results for the six months to 30 September had been prepared on a going concern basis but added that a substantial shareholder, Tsang Ho Kwan, had agreed – for the time being at least – to “provide a shareholder’s loan for the company to meet its liabilities as they fall due.”

The company still provides gaming services at Grandview and Casa Real casinos in Macau.

What's new

Lamborghini Macau showroom opening

Lamborghini Macau showroom opening The IAG team took a break from the real world this week to attend the launch of Lamborghini's new Macau showroom Friday, 15 December 2017 07:01

Melco supports annual Macau charity event “Walk for a Million 2017”

Melco supports annual Macau charity event “Walk for a Million 2017” Melco Resorts & Entertainment Limited threw weight behind the Macau annual charity event “Walk for a Million” organized by the Readers of Macao Daily News Charity Fund. A record number of participants, with a 2,300-strong force comprising of over 2,000 adults and 300 kids carried on Melco’... Friday, 15 December 2017 05:55

Wynn to buy former Alon Las Vegas site as Crown Resorts fire sale gains momentum

Wynn to buy former Alon Las Vegas site as Crown Resorts fire sale gains momentum By Ben Blaschke The Las Vegas Strip site formerly pegged for Crown Resorts’ ambitious US$2.5 billion Alon Las Vegas project has been snapped up by Wynn Resorts. In a Thursday announcement, Crown said it had entered into an agreement with a subsidiary of Wynn Resorts Ltd to sell the vacant 34.6 a... Friday, 15 December 2017 05:41

Novomatic to acquire majority Ainsworth stake on 5 January 2018

Novomatic to acquire majority Ainsworth stake on 5 January 2018 Australian slot machine manufacturer Ainsworth Game Technology has announced 5 January 2018 as the completion date for the sale of founder Len Ainsworth’s 52% stake in the company to Novomatic. In a filing to the Australian Securities Exchange, Ainsworth said it had been advised by Novomatic that... Friday, 15 December 2017 05:07

Current Issue

2017 Inside Asian Gaming Power 50: Meet the Selection Panel

2017 Inside Asian Gaming Power 50: Meet the Selection Panel Andrew W Scott CEOInside Asian Gaming Inside Asian Gaming’s CEO first entered a casino in 1986, fell in love with the surrounds and has been around them ever since. Andrew founded World Gaming Group and launched WGM in 2009, took over IAG in 2015, debuted a third magazine called High Life in ... Tuesday, 05 December 2017 19:28

2017 Inside Asian Gaming Power 50: Ten Years On

2017 Inside Asian Gaming Power 50: Ten Years On A decade of making the Asian Gaming Power 50 By Andrew W ScottIAG Asian Gaming Power 50 selection panel Chairman EVERY year for the last decade, Inside Asian Gaming has completed a task that is fascinating, exhilarating, intellectually stimulating and industry-defining whilst simultaneously bei... Tuesday, 05 December 2017 19:12

2017 Inside Asian Gaming Power 50: Number 19 -  James Murren

2017 Inside Asian Gaming Power 50: Number 19 - James Murren 19 James Murren CHAIRPERSON AND EXECUTIVE DIRECTORMGM China Holdings POWER SCORE1,165 LAST YEAR12 CLAIMS TO FAME • Chairman of the world’s second largest casino company • Credited with keeping MGM Resorts afloat during the GFC If the strong domestic results achieved by MGM China’s pa... Tuesday, 05 December 2017 14:44

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong

2017 Inside Asian Gaming Power 50: Number 18 - Chen Lip Keong 18 Chen Lip Keong CEO AND EXECUTIVE DIRECTORNagaCorp POWER SCORE1,234 LAST YEAR20 CLAIMS TO FAME • Casino monopoly within 200 kilometers of Phnom Penh runs to 2035, license to 2065. • Owns 65% of first gaming company ever listed in Hong Kong • NagaWorld extension Naga2 debuted in Novemb... Tuesday, 05 December 2017 14:39