Stanley Ho’s SJM Holdings said today the company’s profits increased by 364 percent year-on-year in the first six months of 2010, to HK$1.57 billion. The company’s gaming revenue jumped 79 percent, to HK$26.5 billion. SJM’s VIP gaming revenue grew by 111.4 percent in the first half of 2010, compared with the year-earlier period, “exceeding the market growth during this period of 84.6 percent.” Meanwhile, the company’s mass market table gaming revenue grew by 39.6 percent, “exceeding the market growth during this period of 36.1 percent.” SJM also announced that the “restructuring of third party-promoted casino service agreements is materially completed, resulting in a contribution of HK$524 million in Adjusted EBITDA and HK$476 million in attributable profit from that business segment” in the first six months of 2010. SJM said it “continued to lead in market share of the Macau casino gaming market, with 41.2 percent of mass market table gaming revenue and 29.8 percent of VIP gaming revenue”. The company announced it increased its overall market share to 31.8 percent from 29.6 percent in the year-earlier period. Ambrose So, Chief Executive Officer of SJM Holdings, said, “Our strong balance sheet provides a solid platform for the group to pursue its strategy of growing our mass market and VIP businesses. “In addition to our flagship casinos Grand Lisboa and Lisboa, the restructured third party-promoted casinos are contributing nicely to the revenue and earnings of the group and our newest casino Oceanus is ramping up to meet our expectations. We expect that the year 2010 will be a rewarding one,” Mr So stressed.
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