Success Dragon to exit gaming due to intense competition in Macau
Success Dragon has proposed to cease operating its outsourced business process management for the gaming sector, such as its EGM services.
Currently, the company is waiting for two contracts with casinos to expire on 30 April 2021 and 31 May 2021, respectively, with the company’s board proposing not to renew in the coming month.
For the six months ended 30 September 2020, Success Dragon reported revenue from EGM services of HK$17.8m ($2.3m), a 58% decline from HK$42m recorded for the same period last year. EGMs made up 35% of the group’s total revenue, compared to 95% in the previous year.
“The decrease was mainly attributable to intense competition in the Macau gaming market,” said Success Dragon.
The company added that while it will be removing itself from the gaming business, Success Dragon will continue to develop other areas of its organisation.
Recently, Success Dragon welcomed Deng Ganghui as executive director of the company, who commenced her service on 8 April 2021. Deng has extensive experience in financial management and accounting and had worked in the finance department at Generali China Life Insurance Co., Ltd. from July 2002 to July 2009.
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