• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 3 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Success Universe extends additional HK$60 million loan to Macau casino resort Ponte 16

Newsdesk by Newsdesk
Fri 16 Oct 2020 at 05:03
Success Universe profit soars 230% in 1H19 on higher Ponte 16 share

Ponte 16

19
SHARES
483
VIEWS
Print Friendly, PDF & Email

Hong Kong’s Success Universe Ltd says it will extend financial assistance by way of a HK$58.8 million (US$7.6 million) loan to its 49%-owned Pier 16 – Property Development, the operating entity of Macau integrated resort Ponte 16, to facilitate its ongoing operations.

The loan, which follows an earlier HK$39.2 million (US$5.1 million) provision paid out in July, forms part of agreements Success Universe signed in 2007 which outline certain obligations around shareholder loans, up to a maximum of HK$1.19 billion.

A similar amount is to be paid over time by SJM – Investment Limited, a subsidiary of Sociedade de Jogos de Macau, S.A. (SJM), which holds the other 51% stake in Pier 16 – Property Development.

According to a Thursday filing, the latest loan provision takes the outstanding balance of loans owed to Success Universe by Pier 16 – Property Development to HK$219 million (US$28.3 million), although the company can ask Success Universe for up to another HK$490 million (US$63.2 million) under the 2007 agreement.

It was not made clear whether SJM has also provided a loan for its share.

“The massive outbreak of COVID-19 in early 2020 has constituted an unprecedented challenge to the global economy,” Success Universe said.

“The outbreak was successfully under control with the swift actions having been taken by the Macau government. Nevertheless, entry restrictions, curtailment of transportation channels and quarantine requirements led to the fall of tourist arrivals over 80% in the first half of 2020.

“With the suspension of group and individual travel visas from the Mainland China, the pandemic is inevitably hitting Ponte 16’s gaming performance and the Group’s shared loss of the associates relating to Ponte 16 for the first half of 2020 was approximately HK$64 million.

“The Group believes that the travel and tourism industries in Macau will recover at a gradual pace as long as the pandemic is under control, and Ponte 16 will take full initiative to leverage opportunities brought up by the market rebound.

“As Pier 16 – Property Development is a 49% owned associate of the Group, the Directors consider that the provision of [financial assistance], which will facilitate the development and operation of Ponte 16, will be beneficial to the Group.”

Located on Macau’s Inner Harbour, Ponte 16 opened in 2008 at a total development cost of around HK$3.2 billion (US$413 million).

RelatedPosts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

Macau government lowers 2025 GGR forecast to US$28 billion

Tue 3 Jun 2025 at 16:06
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

JP Morgan: Q2 shaping as Macau’s first “non-miss” quarter in some time after strong May GGR result

Mon 2 Jun 2025 at 13:12
Less than one month remaining to MGS Summit 2022

Macau GGR sets new post-COVID high of MOP$21.2 billion in May

Sun 1 Jun 2025 at 12:53
2022 Asian Gaming Power 50: Ones to watch

Controlling shareholder Ng Man Sun steps down as Chairman, CEO and Executive Director of Century Entertainment

Sun 1 Jun 2025 at 12:02
Load More
Tags: casinoHong KongMacauPonte 16shareholders loanSJMSociedade de Jogos de MacauSuccess Universe
Share8Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

A who’s who of Thai society to join major local media contingent for TECR 

A who’s who of Thai society to join major local media contingent for TECR 

by Ben Blaschke
Tue 3 Jun 2025 at 18:55

The Thai Entertainment Complex Roundtable (TECR), taking place this Thursday 5 June at Grand Hyatt Erawan Bangkok, will see a very select audience of around 50 invited guests as well as leading local mainstream media in attendance.  This unique event...

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

Victory against all odds: How Paris Saint-Germain won the UEFA Champions League for the first time

by Newsdesk
Tue 3 Jun 2025 at 17:30

CLIENT PROMOTION For years, world-class footballers have been the face of Paris Saint-Germain (PSG). Stars like Zlatan Ibrahimović, Neymar, Messi and Kylian Mbappé thrilled fans with dazzling performances and consistent triumphs in Ligue 1. The squad’s lineup of star newcomers...

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

FBM Philippines closes the first semester of 2025 with exciting Champion sa Panalo Ngayong Hunyo promotion

by Newsdesk
Tue 3 Jun 2025 at 17:26

CLIENT PROMOTION FBM Champion sa Panalo Ngayong Hunyo is set to close the first semester in the Philippines with exciting thrills and prizes. Organized by the global gaming brand, this campaign runs from 4 to 28 June across more than...

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

Macau government lowers 2025 GGR forecast to US$28 billion

by Pierce Chan
Tue 3 Jun 2025 at 16:06

The Macao SAR Government announced Tuesday that it has lowered its gross gaming revenue estimate for 2025 to MOP$228 billion (US$28.2 billion), or an average of MOP$19 billion (US$2.35 billion) per month – down from a previous estimate of MOP$240...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English