Success Universe Group sells cruise ship for $11.9 million

    Success Universe Group said it has agreed to sell its Macau Success cruise ship for HK$93 million ($11.9 million) to British Virgin Islands-based Star Sail Inc.
    The company said it will book a pre-tax gain of $44.2 million from the sale and plans to use the proceeds for general working capital.
    The ship is a nine-deck passenger vessel and its flag state is the Bahamas. It operates
    on a daily basis from Hong Kong to international waters. The ship has a casino
    and entertainment facilities, with a total capacity of 660 people and more than 200 passenger rooms.
    Gambling is illegal in Hong Kong apart from through the Hong Kong Jockey Club, but cruise ships are able to offer casino-style gaming once they are out of territorial waters.
    According to the group’s financial statements, the cruise ship contributed net profit of $2.9 million in 2012 and $0.5 million in 2013.
    The ship is expected to be delivered to the buyer between July 15 and August 31.
    Success Universe also provides a technology service platform and technical support to China’s sports lottery market and operates Ponte 16, a casino-entertainment resort located in the Inner Harbour of Macau.