Success Universe Group Ltd., which is based in Macao, is exiting the lottery business in mainland China by disposing of all of its shares in a business that sells online lottery tickets: Honour Rich China Development Ltd.
In a filing, last week Success Universe said it would be selling, at a loss, of all of its shares to Wide Fortune Group Ltd. for $1.5 million. This, said the company would relieve it “from further need to inject working capital to sustain the operation of its business.”
Honour Rich sustained large losses in 2015 and 2016 after the Chinese authorities in 2015 issued a notice barring the online sale of China official lottery tickets.
Success Universe is a partner with SJM Holdings Ltd. in the casino hotel Pointe 16 in Macau, which was damaged by flooding on August 23 by Typhoon Hato, causing the casino to close for several days.
