The Macau casino operator SJM Holdings Ltd. that was founded by the billionaire Stanley Ho has reported their 22 percent increase during the first quarter profit
The Macau casino operator SJM Holdings Ltd. that was founded by the billionaire Stanley Ho has reported their 22 percent increase during the first quarter profit as their casino saw a rise in Chinese tourists as they increased their gambling revenue from the once former Portuguese colony. Their net income has climbed from HK$1.71 billion or $220 million from the former HK$1.41 billion that was reported the previous year. The gambling revenue has ultimately increased 8.5 percent up to HK$19.7 billion since they opened their doors.
They own around 20 to 34 casinos in the area of Macau, and now they are facing even more competition from many rivals in the area such as Sands China Ltd. and the Galaxy Entertainment Group Ltd. They both are operating new resorts within the city’s popular Cotai area. This gambling hub of the city has overall increased up to 42 percent to $34 billion in the last year alone, and this is almost 6 times the amount of the Las Vegas Step. Their market share has slid down to 27.3 percent however during the first quarter, and that is down from 31.9 percent the previous year.
The shares fell down close to 4 percent to HK$16.86 because of the close of the Hong Kong trading last week before all of the earnings were announced. The stock then gained 2.3 percent of up to $2.26 in the entire over the counter trading throughout the United States. SJM includes those casinos in the Grand Lisboa and Ponte 16 regions stated earlier in the year that they were in the advanced stages of talking with the Macau government in order to build the new casino.
The Macau casino owned by Wynn Ltd. is hoping to add an expansive $2.1 billion expansion to the already existing casino in the area. This will be their second casino since they opened the doors to the first, and they continue to add more to each of them. This is something that a lot of the people and tourists from the Macau region are hoping on since they enjoy the casino by itself right now; the expansion could mean more fun as well as new customers and increased profits.