Global factors impacting the Hong Kong economy and border restrictions preventing tourists from entering Macau resulted in a 50% fall in profit attributable to owners of the company and 13% decline in revenue for Hong Kong-listed investment firm Kingston Financial Group Limited in the 12 months to 31 March 2020.
Kingston operates Macau’s Grandview Casino in Taipa and Casino Casa Real on the Peninsula, provides securities brokerage, underwriting and placement services, and also provides margin and IPO financing.
In its 2020 financial year, the company reported profit of HK$503.1 million, down from HK$1.0 billion in 2019, while revenue fell 13% to HK$2.63 billion.
The decline included a 16% fall in gaming revenue to HK$382.3 million, representing 15% of group-wide revenue for the year. Kingston’s two Macau casinos are home to 69 mass market tables, 15 VIP tables and 262 slot machines.
Hotel operations in Macau were similarly impacted, with revenue falling 19% to HK$176.1 million. Occupancy rates of its hotels at Casa Real and Grandview were 75% and 73% respectively, down from 91% and 88% in FY19.
Kingston said revenue from its financial services segment fell 12% to HK$2.08 billion.
The board has recommended payment of a final dividend of HK$0.01 per share for the year.
RelatedPosts
