In Macau and local casino firm Success Universe Group Limited has reportedly disclosed that it lost approximately $18.3 million last year due in large part to the temporary coronavirus-related shutdown of its five-star Ponte 16 Resort Macau venue.
According to a report from Inside Asian Gaming, the final depressing tally represents a decrease of almost 300% year-on-year when compared with the about $9.5 million profit the Hong Kong-listed company made in 2019 to take the combined annual deficit for itself and its Pier 16 Property Development enterprise up to $18.7 million.
Considerable credit:
Pier 16 Property Development, which runs the waterfront
Ponte 16 Resort Macau, with the remaining majority stake controlled by an entity of Macau casino behemoth
Las Vegas Sands’ Asian Bet Facing Economic and Political Risks: Expert
As Las Vegas Sands Corp. eyes Macau and Singapore for future growth, an expert warned that this move will likely be entangled with economic and political risks.
The upscale resort and casino company announced on March 3 that it has reached an agreement to sell its Las Vegas real property and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate sale price of approximately $6.25 billion. Meanwhile, the company plans to continue its business in Asia.
The move marks the company’s growing interest in the Asian market.