SJM Holdings is seeing its iron grip on Macau’s casino business slip as competition begins to bite. The company founded by Stanley Ho saw net income increase by 35% to HK$1.2billion with their revenue from high rollers also up 42% to HK$13.3bn. It disguised the fact that since Galaxy Macau opened its doors, their share of the market is down 6%. Philip Tulk, analysts at RBS in Hong Kong, added: “It’s almost certain that SJM will lose market share going forward.”
It’s not a crisis by any means as the group’s gambling revenue still represents 28% of the Macau market that grew 54.4% in the first 10 months of the year. The results call come weeks before Ho turns 90 and he’ll just be glad his birthday won’t be another excuse for a family argument. “Yes it will.” “No it won’t.” “Yes it will.” Argh, make it stop!
Macau’s largest junket operator, Asia Entertainment and Resources Limited (AERL) announces its results on November 14. The company’s results will do a lot to remedy forecasters that have suggested the market in Macau is slowing and that VIP high-rollers are leaving the enclave behind.
Shares in Far East facing casino business operator Genting Singapore rose 2.6% ahead of its Q3 report card on Thursday. The gain was off the back of Aaron Fischer, analyst at CLSA Asia-Pacific Markets, stating that the group’s EBITDA would increase to S$432million ($339m) from S$347m in the previous quarter. Genting is more excited about the opportunities that might lie ahead in Miami. It has even taken the move to invest in “I’m in Miami Bitch” t-shirts for all staff members. At this rate, they’ll be investing in the Singapore equivalent too. We’re not sure “I’m in Singapore bitch” has the same ring to it.