First-half revenue surges 428pc on rising income from gaming and hotel sales
Golden Resorts Group, a watchmaker turned Macau gaming firm, swung to a first-half profit of HK$63.6 million as sales surged following the acquisition of two casino hotels last year.
The company, which reported a 428 per cent jump in first-half turnover to HK$231.9 million from HK$43.9 million a year earlier on rising income from gaming and hotel sales, made a HK$365.9 million loss in the six months to June 2005.
Golden Resorts receives 40 per cent of the gross gaming revenue from the mass-market tables at the Grandview and Casa Real hotels. Both casinos are operated by Stanley Ho Hung-sun's Sociedade de Jogos de Macau, which receives 20 per cent of turnover, with the remainder going to tax.
The company's share of mass table turnover rose to HK$139 million from HK$21 million a year ago and accounted for 60 per cent of total revenue.
Golden Resorts also receives a fixed rental income from 10 VIP rooms that amounted to HK$27 million, while hotel and restaurant sales totalled HK$65 million or 28 per cent of overall turnover.
It disposed of its loss-making watch business on June 30 for an unaudited gain of HK$6 million.