Neptune Group posts US$60.1 million net loss

Neptune Group Ltd. has posted an audited net loss of HK$466.7 million (US$60.1 million) for the fiscal year ended June 30, according to the company’s filing to the Hong Kong Stock Exchange.

The company said its gaming revenue fell 41.2 percent to approximately HK$278.7 million for the fiscal year

“Last year, many policies have been implemented that have discernible impact on gaming demand or spending, such as the pressing ahead of the anticorruption drive, slowdown in China economy which has already been buffeted by the global slowdown, government’s policy to curb Chinese bank card withdrawal limits per transaction and on daily limits, limitation of visa entry, etc,” said the company in its filing.

According to the junket operator, VIP revenue at The Venetian Macau slumped 19.6 percent year-on-year, while its Sands Macau operation saw a 33 percent year-on-year decline. Its operations at the Grand Lisboa saw the biggest decline, down 55.2 percent year-on-year.

EBITDA was down 64.6 percent year-on-year to HK$260.5 million in the fiscal year.

The junket operator currently has 14 tables at The Venetian, 10 tables in Sands Macao, 13 tables at Galaxy Macau, 8 tables at Grand Lisboa and 10 tables at the City of Dreams, totalling 55, down by 7 compared to the last fiscal year.