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Kingston Financial sees Macau gaming revenues rise in FY22

Newsdesk by Newsdesk
Wed 29 Jun 2022 at 17:45
Kingston Financial issues profit warning on decline in Macau gaming revenue

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Kingston Financial Group Ltd has reported revenue from its Macau gaming business of HK$8.2 million (US$1.04 million) for the year to 31 March 2022, reversing a HK$7.9 million (US$1.00 million) loss on the gaming floor recorded 12 months earlier.

The Hong Kong-listed firm operates two satellite casinos in Macau – Grandview Casino in Taipa and Casino Casa Real on the Macau Peninsula – both under license from SJM.

Publishing its FY22 results this week, Kingston Financial said an increase in visitor arrivals compared with the prior year period had a positive effect on the Group’s gaming business, despite the closure of its VIP gaming rooms in February.

As such, Adjusted EBITDA loss in the segment fell from HK$123.6 million in FY21 to HK$15.2 million in FY22.

It also saw a 16.2% increase in revenue from hotel operations and F&B to HK$51.8 million, with the hotel at Casa Real seeing occupancy increase from 19% to 41% and at Grandview from 19% to 40%.

Group-wide, Kingston recorded a 20.5% decline in profit to HK$44.7 million and a 4% decline in revenue to HK$1.97 billion, primarily due to a decrease in margin and IPO financing interest income. The company’s business segments include securities brokerage, underwriting and placements, margin and IPO financing, corporate finance advisory and futures brokerage.

Looking ahead, Kingston said, “Macau’s tourism and gaming industries have been severely affected by COVID-19, and it is uncertain when it will end and when it will fully recover to pre-pandemic levels. With the expected gradual restoration of the e-Visa system and the reopening of Hong Kong-Macau border, it is expected that the number of visitors to Macau will gradually rebound and Macau’s gaming revenue will also improve.

“In addition, the DICJ has published the report on the conclusion of the public consultation on the amendment of the gaming law, and the uncertainty has been removed. The Group will regularly review its policies to respond to the ever-changing environment and to maintain stability of its businesses.”

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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.

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