Rich Goldman Holdings Limited issues profit warning
Asian junket operator Rich Goldman Holdings Limited has reportedly announced that it expects to detail a loss of approximately $2.32 million for the six months to the end of December owing to depressed demand linked to the ongoing coronavirus pandemic.
According to a report from Inside Asian Gaming, the Hong-based firm revealed that it intends to publish its audited financial results for the six-month period at the end of February with the anticipated result set to represent a decrease of 200% year-on-year. The source detailed that the enterprise formerly known as Neptune Group Limited blamed the expected shortfall on coronavirus alongside the cessation in April of its long-standing association with a fellow junket firm that had run eight VIP gaming tables inside Macau’s iconic Casino Grand Lisboa property, which is owned by SJM Holdings Limited.
Rich Goldman Holdings Limited reportedly divulged that associated six-month revenues from its hotel operations are moreover expected to have crashed by at least $258,000 year-on-year due to the coronavirus-induced downturn in business to leave it with a minimum impairment loss of some $1.5 million and a fair value setback on its investment properties of around $774,000.
However, the Hong Kong-listed operator reportedly also explained that these losses are to be partially offset by an expected increase of about $645,000 in revenues from its money lending business. It pronounced that its prospects are to furthermore benefit from an alliance it signed in December that is to see it launch a VIP gaming parlor inside the Philippines’ 800-room Solaire Resort and Casino venue from Bloomberry Resorts Corporation.
Read a statement (pdf) from Rich Goldman Holdings Limited…
“The company is still in the course of finalizing the results for the 2020 interim period. Therefore, the actual financial results for the 2020 interim period may differ from the information contained in this announcement. Shareholders and potential investors are advised to exercise caution when dealing in the shares of the company.”
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