• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 5 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
  • 中文
  • 日本語
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
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Revenue down 67% but Suncity Group returns to profit in 2020 on gains in asset values

Ben Blaschke by Ben Blaschke
Tue 30 Mar 2021 at 10:02
Summit Ascent reveals strong 2H20 recovery at Tigre de Cristal, says Phase 1 upgrade now complete

A VIP gaming room at Tigre de Cristal in Vladivostok, Russia

41
SHARES
1k
VIEWS
Print Friendly, PDF & Email

Hong Kong-listed Suncity Group Holdings has reported a net profit attributable to equity holders of the company of RMB786.4 million (US$119.6 million) in 2020, representing a significant reversal from a loss of RMB1.48 billion (US$225.8 million) in FY19.

The return to profit came despite a 67.4% year-on-year decline in revenue to RMB199.3 million (US$30.3 million) and was mainly attributable to gains on changes in the fair value of financial instruments and convertible bonds, plus a gain on the “bargain” purchase of a controlling stake in Summit Ascent Holdings. Summit Ascent subsequently became controlling shareholder in Oriental Regent Ltd, operator of Russian integrated resort Tigre de Cristal, in 2020 and currently holds a 77.5% stake.

Suncity Group provides services via five main business segments: property development, property management and leasing, hotel and IR consultancy services, travel related products and services, and integrated resort operations.

In 2020, Suncity’s travel business, Sun Travel, accounted for more than half of the group’s revenue despite its revenue falling from RMB525.5 million (US$79.9 million) in 2019 to RMB110 million (US$16.7 million).

The company’s share in hotel and gaming operations at Tigre de Cristal from its stake in Summit Ascent came in at RMB42.4 million (US$6.5 million), while rental income from its mainland China property management arm was RMB37.7 million (US$5.7 million), down from RMB44.8 million (US$6.8 million) in 2019.

Suncity’s hotel and IR consultancy services, which include services provided at Hoiana in Vietnam, fell from RMB14.5 million in 2019 to RMB7.9 million (US$1.2 million) in 2020 – despite Hoiana holding a soft opening in June 2020. Suncity Group owns a 33% stake in Hoiana, located near Hoi An in Vietnam’s Quang Nam Province.

Suncity Group launched its Vietnam IR, Hoiana, in June 2020.

Revenue from Hoiana’s operations amounted to just US$4.8 million, with the company revealing that it had recorded a loss from its share in the joint venture in 2020.

“Hoiana was opened for preview on 28 June 2020, which had been under construction in the first half of 2020,” Suncity said. “The time when Hoiana was ready for its preview was right in the middle of the pandemic, where there were no flights nor visas for foreign visitors.

“As a tourist-dependent property, Hoiana was in a loss making position during the year. Due to the increase in staff costs and pre-opening costs of Hoiana during the year, the share of loss of [the] joint venture has been increased from approximately RMB82.2 million (US$12.5 million) to approximately RMB246.6 million (US$37.5 million).”

Nevertheless, Suncity said it remains “long-term positive” about its integrated resort portfolio.

“The Group continues to progress at full speed on various projects across Asia,” it explained. “When the pandemic is over, the Group [will be] well-positioned to capture the growth in entertainment demand in Asia, thanks to the strengthened network of projects and the Group’s access to our proprietary customer database in Sun Travel.

“The Group continues to evaluate various integrated resort projects in Asia whilst we remain optimistic in the sector in the very long term.”

RelatedPosts

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
Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Vietnam asks PM to grant approval for US$2 billion Van Don casino development in Quang Ninh province

Sun 1 Jun 2025 at 11:26
RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to US$3.2 million

Sat 31 May 2025 at 05:53
Genting Malaysia misses 4Q24 estimates, slashes dividends as rising costs hurt profitability

Genting Malaysia reports US$613 million in Q1 revenue, impacted by lower VIP at Resorts World Genting

Fri 30 May 2025 at 05:23
Load More
Tags: HoianaHong KongrevenueRussiaSummit AscentSuncity GroupTigre de CristalVietnam
Share16Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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

Grand Korea Leisure’s June casino sales down 68% on 2019 levels

Grand Korea Leisure continues steady rise with casino revenues of US$22.4 million in May

by Newsdesk
Wed 4 Jun 2025 at 23:50

Foreigner-only casino operator Grand Korea Leisure reported casino revenue of KRW30.6 billion (US$22.4 million) in May, up 4.0% year-on-year but down 15.3% compared with April. GKL’s casino revenue comprised a 1.9% year-on-year increase in table revenue to KRW27.1 billion (US$19.8...

Korea recovery continues as Paradise Co sees June revenue soar 25.9%

Korea’s Paradise Co enjoys best month of the year in May as casino revenues hit US$61 million

by Newsdesk
Wed 4 Jun 2025 at 23:43

Leading Korean foreigner-only casino operator Paradise Co reported casino revenue of KRW83.6 billion (US$61.2 million) in May, up 10.3% year-on-year and 24.2% higher than in April, according to information filed with the Korea Exchange. It was also the company’s best...

Macao Government Tourism Office to hold roadshow in Bangkok this Friday, all six concessionaires to attend

Macao Government Tourism Office to hold roadshow in Bangkok this Friday, all six concessionaires to attend

by Pierce Chan
Wed 4 Jun 2025 at 23:35

The Macao Government Tourism Office (MGTO) will host a large-scale roadshow in Bangkok this Friday, with all six concessionaires in attendance as they look to further promote Macau’s tourism appeal. According to information from the tourism body, the roadshow represents...

JP Morgan analysis says Bangkok IRs could generate combined US$5 billion annually

Entertainment complexes can transform Thailand’s concert and sports scene by incorporating world-class arenas, says government

by Ben Blaschke
Wed 4 Jun 2025 at 23:34

Legalizing casino gaming within large-scale, multi-billion-dollar entertainment complexes would allow Thailand to develop the world-class concert and sporting venues it currently lacks, the government explained during an official Press Briefing on Wednesday. It also cited the opportunity to build “globally...



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
  • 中文
  • 日本語

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
  • 中文
  • 日本語
  • 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.

  • 中文
  • English
  • 日本語