Net profit rose more than fivefold with a 74 percent increase in total win
Macau casino operator SJM Holdings’ net profit rose more than fivefold in the first quarter, lifted by rising gambling revenues.
SJM, controlled by Stanley Ho, said net profit for the three months ended March 31 rose to 760 million Hong Kong dollars (US$98 million) from HK$138 million a year earlier.
Total win jumped 74 percent to HK$12.7 billion (US$1.63 billion).
Gambling revenue in the Chinese casino enclave has been rising rapidly, soaring by 70 percent in April to a record 14.1 billion Macau patacas (US$1.73 billion).
According to published reports, SJM accounts for the largest share of the market with slightly more than 33 percent, followed by Las Vegas Sands’ Sands China, with just over 21 percent.
SJM’s revenue from high-end baccarat play, which accounted for 65 percent of total gambling revenue, more than doubled to HK$8.3 billion (US$1.06 billion) Revenue from mass market play rose 39 percent to HK$4.1 billion (US$528 million).
Banner quarter for Macau's SJM
May 20, 2010