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Macau Casinos Bring in Record Profits for Asian Developer SJM Holding

Macanese gambling laws - GamingZion

SJM’s net profit and earnings before interest, taxes, depreciation and amortization have gone up over the past business year.

With last year’s financial reports in, Asian casino developer Sociedade de Jogos de Macau (SJM) Holdings announces company profits have reached a new record level. The casino industry has been booming in the Chinese Special Administrative Region and SJM is one of the six companies licensed under Macanese gambling laws to operate here.

According to local gambling news, the firm posted a 10.2% increase in revenue, from HK$78.9 billion to HK$87 billion. Adjusted EBITDA also grew 13.7%, from HK$7.6 billion to HK$8.7 billion. Figures also show a 14.2% increase in profit.

Cotai, the next casino destination

All this means good news for shareholders too, as the company was able to increase the value of its dividends by 11%, from HK90 cents paid in 2012 to HK100 cents. “We are very pleased that SJM’s net profit, adjusted EBITDA and revenue rose to record levels in 2013,” Dr Ambrose So, chief executive officer of SJM Holdings, told reporters.

The company’s CEO announced plans for the new resort on the Cotai Strip were moving forward nicely. “The year’s accomplishments also included obtaining the land, completing design work and getting started on construction of the Lisboa Palace, our integrated resort on Cotai that is scheduled to open in 2017.”

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