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).
