Parted ways with operator last summer
Macau junket operator the Neptune Group will continue to feel the pain of its ouster from the Venetian Macao in June. In December 2016 and again in May 2017, the group lost two VIP operations at the casino. In a filing to the Hong Kong Stock Exchange, Neptune noted it expects that “the intangible assets in respect of all junket business of the group would be fully impaired” as a result of the terminations.
According to Macau Business, the announcement of the termination of the gaming promotion agreement with junket operator Hou Wan, which took effect in August, followed the termination of the agreement of the 14-VIP table operation of Hao Cai Entertainment Company Ltd. effective June 30.
In a previous filing, Neptune said Hou Wan contributed “approximately 26 percent of the total revenue” of the company during the financial year ended in June 2016.
Neptune said the loss for the year ended June 30, 2017 would decrease year-on-year, but would amount to about HK$306.3 million (US$39.22 million). The company said the impairment of intangible assets in respect of the junket business for the fiscal year would come to HK$397.3 million rather than HK$365.9 million noted on July 31. Amortization would drop nearly 47 percent from the prior financial year, reported Macau Business.
