Macau Operator Expects 90 Percent Decline

Sun, Jul 4, 2021

Kingston Financial Group has projected a 90 percent decline in profits for the year that ended March 31 due to the Covid-19 pandemic. The Hong Kong-listed company runs two casinos in Macau under a license from SJM.

Macau Operator Expects 90 Percent Decline

Kingston Financial Group Ltd. has warned of an expected 90 percent decline in profits for the year that ended March 31.

The Hong Kong-listed company operates the Grandview Casino in Taipa and the Casino Casa Real on the Macau Peninsula under a subconcession from SJM Resorts, reported iGamingBusiness.com.

The decline is primarily a result of “a drop in revenue from the group’s hotel and gaming business in Macau as a result of the drastic reduction in the number of visitor arrivals to Macau following the outbreak of Covid-19,” Kingston said in a filing. The final results were published on June 30.

Kingston previously posted a 65 percent decline in profit for the six months to September 30, 2020, ending at HK$169.0 million (US$21.8 million). Its iGaming business took a hit of HK$13.6 million (US$1.8 million).

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