Hong Kong-listed Success Universe has reported a loss of HK$287.1 million (US$36.6 million) in 2022, impacted by a fair value loss of overseas listed securities and by its share in losses at Macau integrated resort Ponte 16.
According to details filed overnight, the company’s shared loss in the associates relating to Ponte 16 was HK$42.1 million, narrowed from a loss of HK$48.7 million in 2021. This followed a decline in the average occupancy rate of Sofitel Macau at Ponte 16 to 48%, with the property’s Adjusted EBITDA coming in at a HK$46.2 million loss.
Group-wide, Success Universe – which also incorporates a travel business and a property investment business – saw its revenues decline by 24% year-on-year to HK$114.8 million with all business segments suffering falls.
Nevertheless, the group said it has high hopes for the year ahead – particularly for Ponte 16 given the easing of border restrictions in Macau and mainland China in January.
“The Group believes that the mass market holds the most potential for sustainable growth and Ponte 16 will continue to offer a superior accommodation experience with a distinctive cultural connotation, in addition to enriching its comprehensive entertainment facilities and initiatives,” it said.
“As a casino-entertainment resort located in the exclusive Inner Harbour area of Macau, Ponte 16 will maintain its leading position with the support of its neighbouring partners.
“As the pandemic is fading away, the Group is optimistic about the future. In 2023, the Group will focus on strengthening its position in the entertainment and tourist-related industries while optimising its investment property portfolio to create a long-term value for its stakeholders. As the market continues to recover, the Group will take proactive steps to keep pace with the changing marketplace and create a sustainable value in the long run.”