CASINO

SJM success no abating just yet

TAGs: Macau, SJM Holdings

SJM Grand LisboaThere’s definitely no sign of Macau’s casino gambling industry abating as the enclave’s largest casino operator announced another half year of staggering profits. Sociedade de Jogos de Macau (SJM) saw total revenue and gaming revenue both rise by 41.5% compared with the previous year. Net profit was the most impressive figure though as it rose by 70.1% off the back of continual growth in the market over in Macau.

On the back of the results, Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said in a statement, “In the first half of 2011, SJM continued to lead the market in Macau, with strong results in both our VIP and mass market gaming businesses. During the period our net profit, Adjusted EBITDA and revenue all increased substantially. On a quarterly basis, we completed our tenth straight quarter of growth in revenue and Adjusted EBITDA, and we showed sustained improvement in our operating margin. We are optimistic about the balance of the year.”

VIP gaming revenue also showed a notable increase of 50.5% and that was in a period that SJM continued to command a 30.1% share of the VIP gaming revenue market. That was just slightly less than the 31.1% of the overall gaming industry share that they hold in the enclave.

The period was one where some upheaval took place as Stanley Ho, owner of the company, saw members of his family warring over who should take control when the big man becomes unable to do so any longer.

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