Shun Tak Holdings, the Hong Kong property, tourism and hospitality firm helmed by MGM China’s Pansy Ho, saw the average occupancy rate of its Macau hotels – Artyzen Grand Lapa and Grand Coloane Resort – soar by 14 percentage points to 69% in 2024, up from 55% a year earlier.
However, the Macau performance was overshadowed by challenges across many of the company’s business arms, which ultimately saw Shun Tak fall to a HK$824 million (US$103 million) loss attributable to owners in FY24 – widened from HK$677 million (US$84.6 million) in 2023 despite revenue growing by 11.7% to HK$4.55 billion (US$569 million).
Adjusted for attributable unrealized fair value changes on investment properties of the group, underlying loss would be HK$244 million (US$30.5 million), Shun Tak explained, although this too was widened from HK$209 million (US$26.1 million).
While Grand Lapa and Grand Coloane benefited from the continued increase in visitor arrivals throughout the year, the group’s broader hotel portfolio – comprising equity interest in 10 hotels in Hong Kong, Macau, mainland China and Singapore – continued to face challenges due to more market competition and an increase in room supply.
As such, segment loss grew from HK$74 million (US$9.3 million) to HK$180 million (US$22.5 million), with Shun Tak stating the segment “is committed to optimizing its services to remain competitive in the market while prioritizing cost control to improve profitability.”
Also falling to a shared loss of HK$8 million (US$1 million) versus a shared profit of HK$10 million (US$1.3 million) in FY23 was Shun Tak’s transportation arm, which includes the TurboJet ferry fleet operating between Hong Kong, Macau and the mainland, as well as the Golden Bus shuttle providing services on the Hong Kong-Zhuhai-Macau Bridge. TurboJet, the company explained, is focusing on “adopting an efficiency-optimised deployment strategy for its high-speed ferries fleet deployment strategy to maximize profit while meeting changes in mobility needs.”
Shun Tak’s property and investment segments both booked profit increases in 2024, but ultimately the company fell to a loss on finance costs and shared losses from joint ventures and associates.
Shun Tak counts Pansy Ho as its Group Executive Chairman and Managing Director, while sister Daisy – best known as Chairman and Executive Director of SJM Holdings – is Deputy Managing Director.
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