SJM’s profit jumps 27%

SJM’s profit jumps 27%

Friday, March 1, 2013 Totally Gaming

SJM Holdings announced a 27pc increase in full-year profits, alongside a rise in earnings before interest, tax, depreciation and amortization, of 10pc, to $979.6m. Net also income rose to $870m from $683.1m a year earlier, beating consensus estimate of $850.7m

The company, founded by casino mogul Stanley Ho, attributed the success to mainland Chinese gamblers, who gambled more on the period.  

SJM owns 20 of the 35 casinos in Macau and faces intensifying competition as rivals including Sands China and Galaxy Entertainment Group expand. SJM won a land grant in October to build its first casino resort in the Cotai area, a piece of reclaimed land in Macau that is Asia’s equivalent of the Las Vegas Strip. SJM’s market share remained steady and was gradually improving, in the fourth quarter.

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