Kingston Financial Group Limited, which operates two Macau casinos – Grandview Casino in Taipa and Casino Casa Real on the Peninsula – saw gaming revenue fall 3% year-on-year to HK$457.8 million in the three months to 31 March 2019, impacted by higher commissions and fewer live baccarat machines in operation.
The company’s hotel and gaming results were described as “satisfactory” despite gaming’s contribution to Kingston’s group-wide results falling to 15%. They included a 2% increase in commissions paid to HK$94 million, while the number of live dealer baccarat machines in operation during the year was halved from 140 to 70.
Revenue from hotel ownership and management plus food and beverage grew 4% year-on-year to HK$216.4 million.
Adjusted EBITDA in Kingston’s gaming segment fell 9.4% to HK$167.4 million.
Despite the declines, Kingston said it expects to drive revenue from Macau in the coming years following the recent opening of the Hong Kong-Zhuhai- Macau Bridge and ongoing efforts to diversify the region’s economy.
“Macau’s gaming and hotel industry are on the good-looking side,” it said.
“Emerging new substances such as art, existing multicultural cuisine, and architectural attractions will carry on to boost Macau’s tourism industry.”
RelatedPosts
