SJM Holding net profit rose 8.1% in the first half
In the Jan-Jun period, its casino revenues dropped 4.5% to us$ 1.9 billion from us$ 2 billion in the corresponding period last year due to intense competition. Non-casino revenues surged 67% to us$ 15.5 million, compared with us$ 9.3 million a year earlier.
SJM, partly-owned by billionaire and gaming tycoon Stanley Ho Hung-sun, launched its initial public offering (IPO) in Hong Kong in July, and raised as much as us$ 494 million. SJM offered 1.25 billion new shares, equivalent to 25% of its enlarged share capital.
As one of the six licensed gaming operators in Macau, SJM competes with Las Vegas Sands Corp and Wynn Resorts Ltd in the city. It runs 18 of 28 casinos in Macau, with 1,412 tables and 3,702 slot machines, thought its market share in terms of business volume has shrunk this year.
In June, its market share had dropped to 28% from 42% as of the end of last year. Analysts estimated that its market share would be stabilized at around 20% for the coming year.
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