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Rich Goldman issues negative profit warning

Monday, 12 February 2018 06:29
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Macau junket investor Rich Goldman has issued a negative profit warning for the six months to 31 December 2017, informing investors that it expects the group to record a decrease in profit for the full year of more than 35% on the HK$39.8 million profit it announced 12 months earlier.

In a filing to the Hong Kong Stock Exchange, Rich Goldman said the decrease was “primarily attributable to the cessation of profit stream from two gaming business lines,” namely the loss of two junket partners in 2017 who had operated VIP gaming rooms at the the Venetian Macao and Sands Macao.

Rich Goldman, formerly known as Neptune Group, was informed in May that Venetian Macao Limited (VML) had terminated a promotion agreement with Hao Cai Sociedade Unipessoal Ltd to operate 14 VIP tables at the Venetian. VML subsequently terminated a second agreement with Hou Wan Entertainment Ltd in August related to the operation of 10 VIP tables at Sands Macao.

In previous filings, the company stated that revenue contributed by Hou Wan amounted to approximately HK$72.5 million, representing 26.0% of Neptune Group’s total revenue, while Hao Cai had contributed approximately HK$115.1 million, representing 41.3% of total revenue.

Rich Goldman is still partnered with one other junket operator that runs eight VIP tables at Grand Lisboa.

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