Macau casino operator SJM Holdings Ltd has appointed its current chief financial officer (CFO), Ben Toh Hup Hock, as chief operating officer (COO) of SJM Resorts Ltd, the group entity holding a current Macau gaming concession.
Mr Toh had been serving as CFO of SJM Holdings since January 1, 2021. He was currently also working as SJM Resorts’ COO in relation to finance and development. He starts his new role as overall COO at SJM Resorts on Wednesday (December 6), according to a Tuesday filing to the Hong Kong Stock Exchange.
Also from Wednesday, Christopher Ip Shih Ming will take over as SJM Holdings’ new CFO, “in view of Mr Toh’s redesignation,” stated the filing.
Mr Ip, aged 54, is described in the announcement as having “extensive experience” in investment, real estate transactions and corporate finance.
Prior to joining SJM Holdings, he was an executive director and CFO of The Hongkong and Shanghai Hotels Ltd, from January 2021 to March 2023.
Mr Ip also held senior management positions in the Jardine Matheson Group, a holding company with diversified businesses focused principally on Asia. He also served in senior positions at, respectively, investment banks Morgan Stanley and Deutsche Bank, according to the filing.
The SJM group operates the Grand Lisboa Palace resort (pictured) in Macau’s Cotai district, and Grand Lisboa, its main casino hotel on Macau peninsula, as well as smaller venues.
SJM Holdings reported a third-quarter loss of HKD410 million (US$52.5 million), versus a HKD1.90-billion loss in the prior-year period. Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at HKD566 million for the three months to September 30, compared with a negative figure of HKD968 million a year earlier.
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