Macau gaming investor Rich Goldman Holdings, formerly known as Neptune Group, says it will look for further opportunities to diversify its business interests, primarily in regards to hotel operations and money lending, after seeing its revenue from gaming operations decline significantly in FY18.
In its 2018 Annual Report, published on Monday, Rich Goldman said that, “In view of the fluctuating return of the gaming industry in Macau, the group will continue to monitor the performance of the Gaming and Entertainment Business and at the same time diversify its investments by developing its hotel operations business and money lending business in Hong Kong to maintain a stable and sustainable growth of the group.”
It follows the termination last year by Venetian Macau Limited of two of the company’s junket operators, Hao Cai and Hou Wan, which subsequently saw group gaming revenue decline by 69.09% from HK$295.5 million in 2017 to HK$91.3 million for the year ended 30 June 2018.
Rich Goldman said it intends to continue engaging in Macau’s gaming sector via its one remaining junket operator, which runs eight VIP tables at Grand Lisboa, but would also seek to expand its hotel operations and money lending businesses.
The company purchased Hong Kong’s Harbour Bay Hotel in June 2017, generating revenue of HK$23.5 million in FY18, and launched its money lending business in 2017 generating interest repayments of HK$15.7 million.