Dear Valued Shareholders,
On behalf of the board of directors of Success Universe Group Limited (the “Company”, together with its subsidiaries, the “Group”), I would like to present the annual report of the Company for the year ended 31 December 2024.
2024 witnessed resilience and steady advancement in the global economy, mixed with challenges such as elevated interest rates, geopolitical tensions and trade uncertainties. According to the Organisation for Economic Co-operation and Development (OECD), most of the G20 member countries are projected to achieve real gross domestic product (GDP) growth in 2025. Notably, the travel and hospitality sectors have experienced a remarkable resurgence, fuelled by a revival in international tourism. Global arrivals have reached record highs, with numerous destinations surpassing pre-pandemic visitor levels, resulting in significant increases in traveller spending. Supported by China's stable economic performance, with GDP growth of 5.0% in line with government targets, and favourable policies promoting connectivity within the Greater Bay Area, Macau's tourism has seen continuous growth in visitation, exceeding official projections.
Macau, establishing itself as the “World Centre of Tourism and Leisure”, has further strengthened its status as a premier global destination by diversifying its entertainment offerings. The emergence of the concert economy and its designation as a City of Performing Arts have enriched its entertainment landscape, broadening non gaming options that complement both the hospitality and gaming industries. The Group is pleased to observe Macau's ongoing economic recovery, characterized by the cultivation of internationally competitive industries, marking a new phase in the city’s growth.
SOLIDIFYING POSITION TO EMBARK ON A NEW CHAPTER
In 2024, the entertainment and hospitality industry in Macau continued its upward trajectory, with Macau’s gross gaming revenue rising by 23.9% to approximately MOP226.8 billion. The growth was fuelled by a significant rise in tourist arrivals, reaching approximately 34.9 million, marking a 23.8% year-on-year increase. Macau has been solidifying its position as a vibrant hub for music and sports events, hosting world-class performances and high-profile concerts that attracted diverse tourists from Mainland China and around the globe. Ponte 16, the flagship investment project of the Group, has been committed to enhancing its gaming, hospitality and entertainment offerings, providing a dynamic experience that caters to the evolving needs of tourists and guests while integrating local culture and the arts to further enrich the city’s cultural landscape. Ponte 16 has been collaborating closely with the Macau government to organise events aimed at promoting the local community while bolstering the overall development of Macau's tourism industry.
Enhanced infrastructure and strategic travel initiatives further facilitated tourism growth in 2024 for Macau. Key infrastructure projects, such as the Shenzhen Zhongshan Link and the Macau LRT Hengqin Line, have significantly improved connectivity to and within the region. Additionally, travel initiatives, including the Central Government's extension of the Individual Visit Scheme to 59 cities, the introduction of multiple-entry permits, and Macau's “tourism+” and other development strategies, have collectively boosted visitation throughout the year. Strategically located in the Inner Harbour area near Macau’s major ports of entry, Ponte 16 is dedicated to preserving and showcasing Macau's diverse cultural heritage. As a world-class integrated casino-entertainment resort, Ponte 16 continues to expand its partnerships with local retailers and attractions, offering distinctive services and products that enhance visitors’ experience and highlight Macau’s cultural legacy.
The year 2024 marked the 25th anniversary of Macau’s return to China. The visit of Chinese President Xi Jinping to Macau in December 2024 underscored the continued evolution of Macau as a global hub for tourism and leisure, and the well-regulated development of its gaming industry. Furthermore, the appointment of Mr. Sam Hou Fai as the sixth-term Macau Chief Executive signalled a shared commitment to economic diversification beyond the gaming focus, encouraging concessionaires to invest in non-gaming projects. Ponte 16 has been in line with the Macau government by incorporating non-gaming elements into its offerings to enrich Macau's holistic development. In particular, with the aim of revitalizing Inner Harbour Pier 16 and contributing to a more diversified future for Macau, the outline of Ponte 16’s Phase 3 development project has integrated the initiative to feature a blend of cultural and artistic offerings.
PRIMED TO EMBRACE THE OPPORTUNITIES ARISING
The global tourism industry experienced a remarkable resurgence in 2024, achieving a near-full recovery by regaining 99% of pre-pandemic levels with 1.4 billion international travellers. The rebound was driven by the robust post-pandemic demand and the steady recovery of destinations across Asia, according to UN Tourism (formerly known as the United Nations World Tourism Organisation). The aviation sector’s recovery, marked by the restoration and expansion of air routes, indicates an increasing connectivity across China, Africa, and the Americas. The recent revival of Canada-China flights, for example, highlights a significant rise in air travel to Asia, catering to the growing needs of business travellers, tourists, and international students. As one of the largest Canadian travel agencies, Jade Travel Ltd. (“Jade Travel”) is well-positioned to capitalise on the growing trend by strengthening its partnerships with online travel portals, agencies and airlines. Its proactive system upgrades aim to offer more integrated services and enhanced customer experiences, further bolstering its ticketing business to expand its customer base and meeting the rising tourism and ticketing demand. Leveraging its reputation and network within the Asia community, Jade Travel also aims to explore a wider and more diversified customer base, seizing emerging opportunities. With the tourism industry poised for a continued growth in 2025, Jade Travel anticipates a promising future on the horizon.
Hong Kong, as a prominent financial hub, continues to demonstrate resilience amid challenges. With declining interest rates and anticipated economic stimulus in Mainland China, Hong Kong's commercial property market is expected to show early signs of stabilization. The Group remains committed to a disciplined investment strategy, actively evaluating and optimising its strategies to align with shifting market conditions. By maintaining a balanced portfolio, the Group aims to achieve consistent returns while effectively managing risks. Underpinned by its robust business model and strategic initiatives, the Group maintains a cautiously optimistic outlook for the future, poised itself to capitalise on emerging opportunities.
APPRECIATION
I would like to extend my heartfelt gratitude to our esteemed shareholders, customers and business partners for their unwavering support and trust. I am also deeply grateful to my fellow board members for their invaluable guidance and counsel as well as to our entire staff for their immense commitment and hard work. Having successfully navigated challenging periods, we are well equipped to leverage our expertise and experience to seize the opportunities arising from the global and industry resurgence, and remain vigilant to market dynamics and emerging possibilities. We are dedicated to creating continuous and enduring value for our shareholders for their steadfast confidence and trust in the Company.
Yeung Hoi Sing, Sonny
Chairman
Hong Kong
28 March 2025
