GGRAsia – Macau’s only sports bet firm sees profit down 15pct

Macau’s only sports bet firm sees profit down 15pct

Jun 28, 2017 Newsdesk Latest News, Macau, Top of the deck

Macau sports betting concessionaire Macau Slot Co Ltd reported net profit of MOP117.9 million (US$14.7 million) for full-year 2016, down 14.8 percent from the previous year, the firm said in a summary published on Wednesday in the city’s Official Gazette.

Macau Slot holds a monopoly on sports betting in Macau, with the exception of betting on horseracing, where the concession is held by Macau Horse Racing Co Ltd, which runs Macau Jockey Club. In 2016, Macau Slot’s concession – which includes football and basketball betting – was extended until June 5, 2021.

The decline in profit was despite a 3.9-percent increase in gross revenue from sports betting last year. The annual aggregate of such revenue was MOP699 million, compared to MOP673 million in 2015.

Macau Slot’s two main betting categories – football and basketball – generated respectively MOP541 million and MOP158 million in calendar year 2016. In 2015, the tallies were MOP503 million and MOP170 million respectively.

Macau Slot is part of the business empire built by Stanley Ho Hung Sun, founder of Macau casino operator SJM Holdings Ltd.

No Macau casinos operate sports books on their gaming floors. In Las Vegas – a U.S. destination noted for its appeal to mass-market customers – sports betting is a staple of casino gaming floor product.

The American Gaming Association has been a strong advocate for legal, regulated sports betting in the United States. “Sports betting is a great opportunity in the United States, a multi-billion opportunity to open up a market,” Geoff Freeman, president and chief executive of the American Gaming Association, told GGRAsia in an interview last month.