Success Universe Group Limited, a sports lottery and land casino operator, reported financial results showing an annual net loss of 364.4% year-over-year to approximately $4 million.

The Hong Kong-based company operates its 109-table Ponte 16 casino under a license held by SJM Holdings Limited, and in January issued a revenue warning to investors who advised that a decline was imminent due to lower-than-expected earnings from Macau casinos. Success Universe Group Limited, which recorded a deficit of about $862,000 in 2015 alone, further declared at the time that the Chinese lottery business had seen its winnings decline due to "voluntary and temporary suspension of paperless lottery sales agency services."

Success Universe Group Limited explained that revenue in 2016 fell 43.3% year-over-year to $73.75 million, while revenue from Ponte 16 was approximately $2.25 million, representing a 40.3% deterioration, while adjusted earnings from its properties before interest, tax, depreciation and amortization fell 8.7% to $35.69 million.

Sonny Young Hoi Singh, president of Success Universe Group Limited, said, "The group is aware of the challenges ahead and is cautious about the growing economic uncertainty in the global economy, but seizing the right opportunities is the key to expanding and growing the business." "We believe this strategy will lead to a stronger foothold in gaming, entertainment and tourism-related industries in the Asia-Pacific region."

Success Universe Group Limited suspended paperless lottery sales agency service in 2015 at the request of the Chinese government. However, the company explained that the move is only temporary and that it is monitoring the situation, hoping to receive a recommendation date from mainland authorities soon.

A statement from Success Universe Group Limited said: "The group will closely monitor the situation and await further announcements from Chinese authorities on the resumption date of paperless lottery sales."

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