Success Universe 0487

[winston]

Ponte 16 owner tips success by Bonnie Chen
Monday, April 16, 2012

Success Universe (0487) is to spend HK$700 million on the third phase of its Macau gambling project Ponte 16 that is expected to provide a faster payback than the previous stages.

The new extension, set to begin later this year, will comprise a mid-tier shopping mall, restaurants and 20 gambling tables spread over 40,000 square meters. It has yet to receive approval from the government. Completion is set for 2014.

Altogether about HK$4 billion will be spent on Ponte 16, which recorded its first net profit in 2011 after opening in 2008.

"We hope to have shops that can attract both locals and visitors in the new shopping mall," said Success Universe deputy chairman Hoffman Ma Ho-man. "We are not aiming at luxury brands, but a wider spectrum. It will be great if we can have H&M and Abercombie & Fitch."

Ponte 16 is situated in an historic downtown district on the main island. Rival Sands China (1928) opened a three-tower resort Sands Cotai Central last Wednesday with an investment of HK$3.9 billion. Ma said Ponte 16's customers would be different from those in Cotai.

In January, the company raised HK$309 million in a rights issue. This increased chairman Sonny Yeung Hoi-sing's stake to 53.26 percent from 41.45 percent.

Ma said the gearing ratio has fallen to about 30 percent from 76 percent. "We may only need financing again should we come across any attractive acquisition opportunities in Asia," said Ma, adding the company had sufficient funding for the third phase of Ponte 16.

Ponte 16 will include a Sofitel hotel, a casino with 109 tables, and a Michael Jackson museum.

Ma said the hotel room rate was raised 6-8 percent last year and that a further revision is unlikely this year.

The company will take part in an MJ collection auction world tour from August to November. Success Universe's losses narrowed to HK$3.3 million last year from HK$44.4 million in 2010.


http://www.thestandard.com.hk/news_deta ... 20416&fc=1