Macau casino operator Kingston Financial Group issue profit warning on expected 50% profit decline

Kingston Financial Group Limited, operator of Macau’s Grandview Casino in Taipa and Casino Casa Real on the Peninsula, has issued a profit warning for the year ended 31 March 2020 with profit expected to have declined by around 50% year-on-year.

In a filing to the Hong Kong Stock Exchange, the company attributed the decline primarily to significant increase in impairment loss on advances to customers in margin financing. The company was also forced to shut down its Macau casinos for 15 days from 5 to 20 February 2020, with visitation having remained significantly down through the remainder of the financial year due to COVID-19 border restrictions.

Kingston last year reported a profit attributable to owners of the company for the 12 months ended 31 March 2019 of HK$1.0 billion, down 26% year-on-year.

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