Rich Goldman, a junket investor, anticipates net losses of approximately HK$39 million (approximately $4.9 million) for the first half of 2023.
This dismal forecast is due to the fact that the group’s revenue will increase by approximately HK$38 million, reaching approximately HK$98 million by the end of the fiscal year on June 30, 2023. Foreign exchange disparities between the Chinese Renminbi and the Hong Kong dollar, which have resulted in a startling HK$3 million increase in the company’s net losses, are the primary cause of this negative financial outlook.
Other factors cited in the report include the absence of last year’s roughly HK$29 million ($3.7 million) gain on a bargain purchase, a notable increase in administrative expenses of HK$12 million ($1.5 million), and an increase in impairment losses related to the group’s loans receivable and interest receivables of HK$9 million ($1.1 million).
Rich Goldman’s exhaustive financial results are anticipated to be officially disclosed in late September 2023, as stated in a dispatch to the Hong Kong Stock Exchange, signed by Chairman Lin Yee Man. Notable is the fact that the company was formerly involved in junket operations in Macau and the Philippines, but has suspended all gaming-related activities since the previous year pending a “fundamental improvement in the operating environment.”
Rich Goldman disclosed in June of this year that a borrower had defaulted on a loan of approximately HK$35 million ($4.5 million) that had been extended in 2020. These financial obstacles highlight the obstacles the company faces as it navigates a complex and uncertain economic environment.
Original story by: Asia Gaming Brief
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