Neptune Group issues profit warning

Junket operator Neptune Group Ltd is expecting to record a significant loss for the year ended June 30, 2016.

According to the company’s filing to the Hong Kong Stock Exchange on Tuesday, the harsh environment for VIP rooms was a main factor for the expected loss, as well as “receipt of monies from the Macau junket business [which] continues to be slow and often delayed,” and “junkets in Macau are reluctant to issue credit to players as receipt of gaming losses from players tend to be slow and protracted.”

Earlier this year, the group reported a net loss of HK$257 million (US$33 million) in the first half of the fiscal year ended Dec. 31, 2015.