Banner year for SJM in Macau
Sociedade de Jogos de Macau Holdings, the publicly listed casino operating company of Macau gaming mogul Stanley Ho, grew profits by 13.9 percent last year, hitting HK$907 million, compared with HK$796 million in 2008.
The results, equal to about US$118 million, were released in SJM’s 2009 annual report.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) were HK$2.26 billion (US$294 million) up 41.8 percent over 2008’s total of HK$1.6 billion.
Cash and cash equivalents totaled HK$9.7 billion (US$1.26 billion).
SJM continued through the year to hold the largest share of Macau’s enormously lucrative casino market, with 40.7 percent of mass-market table gaming revenue and 25.8 percent of VIP gaming revenue. The company grew its overall market share to 29.4 percent from 26.5 percent in 2008. Total gaming revenues were up 21.7 percent to HK$34 billion. Other income grew 34.9 percent to HK$410 million.
The company’s Macau flagship, Casino Grand Lisboa, performed well in 2009, contributing HK$1.65 billion to EBITDA on the strength of a 17.5 percent operating margin.
The company has proposed a final dividend of HK9 cents per share.