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Asian casino investor Suncity Group Holdings Limited has reportedly announced that it expects to release its 2020 financials next week featuring a respectable full-year profit attributable to shareholders of about $115.1 million.
According to a report from GGRAsia, the Hong Kong-listed enterprise detailed that the positive result comes after it finished 2019 with a loss of slightly beyond $227.1 million owing to its investment in a multitude of gambling-friendly schemes spread across Asia. The source explained that these outlays had included the purchase of a majority stake in the owner of the Tigre de Cristal venue located near the eastern Russian city of Vladivostok as well as a deal to run a casino inside Vietnam’s coming Hoiana development.
Suncity Group Holdings Limited is led by Macau businessman Alvin Chau Cheok Wa and is to also reportedly be in charge of the casino inside the five-star Resorts World Westside City venue being built on a 297-acre plot of land in Manila’s Entertainment City district. The enterprise behind Asian junket firm Suncity Group moreover purportedly proclaimed that the coronavirus pandemic and an associated drop in the number of VIP players had ‘significantly impacted’ its 2020 financial results with overall revenues set to be down by around 67.8% year-on-year to approximately $30.58 million.
Despite this slump and Inside Asian Gaming reported that Suncity Group Holdings Limited is nevertheless due to return to profitability courtesy of a number of factors including a gain on the change in value of its derivatives worth in the region of $208.7 million. This source purportedly divulged that the firm is furthermore set to profit to the tune of some $32.7 million courtesy of a similar windfall linked to the price of its convertible bonds following an earlier extension to their maturity dates.
Suncity Group Holdings Limited will reportedly be additionally benefitting from the value of its 69.7% stake in Summit Ascent Holdings Limited, which owns the Russia’s Tigre de Cristal property, rising by something like $30.8 million. All these bonuses are to purportedly be added to the around $23.8 million in cash the company received last month after disposing of a loss-making property development and leasing entity that has interests in China’s giant Guangdong Province.
However, Suncity Group Holdings Limited reportedly divulged that all of these positives are to be regrettably ‘offset’ by an expected aggregate operating deficit for 2020 of approximately $155 million owing to an around $63.8 million loss in the value of its properties, ongoing finance costs of about $53 million, a $31.6 million setback from an unidentified joint venture and some $7.2 million in impairment charges linked to its interest in an associate.
Source: Worldcasinodirectory, Worldcasinonews