Macau casino operator SJM Q3 net profit rises 41 % | Yogonet International
Net profit in the period was us$ 219 million

Macau casino operator SJM Q3 net profit rises 41 %

(Macau).- Macau's biggest casino operator, SJM Holdings, controlled by the family of gambling tycoon Stanley Ho, posted a 41 % increase in third-quarter net profit, buoyed by a larger number of mass market Chinese gamblers.
2012-11-16
Macau
Reading time 30 seg
(Macau).- Macau's biggest casino operator, SJM Holdings, controlled by the family of gambling tycoon Stanley Ho, posted a 41 % increase in third-quarter net profit, buoyed by a larger number of mass market Chinese gamblers.

The former Portuguese colony of Macau is the only place in China where casino gambling is legal. A drop in spending from VIP high rollers has put rising pressure on SJM and its competitors, who are already seeing a sharp slowdown in growth in the world's casino capital.

SJM said on Thursday net profit in the third quarter was us$ 219 million compared with us$ 150.9 million a year earlier. EBITDA was us$ 245.1 million in the same period, in line with a forecast of us$ 245.1 million by five analysts polled by Reuters.

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