GGRAsia – SJM chief sees Macau GGR growing to US$50 bln

SJM chief sees Macau GGR growing to US$50 bln

Jun 06, 2014 Newsdesk Latest News, Macau, Top of the deck

Macau’s gross gaming revenue (GGR) may grow by about 10 percent to MOP400 billion (US$50 billion) in 2014, says SJM Holdings Ltd chief executive, Ambrose So Shu Fai (pictured).

The city’s casino GGR for May reached MOP32.35 billion, a year-on-year increase of 9.3 percent. Mr So, quoted by the Hong Kong Standard newspaper, said that the May growth rate was not alarming, noting the market had come to expect double-digit growth.

Macau casino revenue in 2013 amounted to MOP360 billion, up by 18.6 percent from the previous year.

Mr So said the completion of the Hong Kong-Zhuhai-Macau Bridge and Hengqin Island’s non-gaming facilities in Zhuhai would help to create a two-centre destination and draw a lot of visitors. He was speaking after SJM’s annual general meeting on Thursday.

SJM’s board declared a final dividend of HK$0.50 and a special dividend of HK$0.30.

The casino operator, controlled by the family of gambling tycoon Stanley Ho Hung Sun, is currently developing its first project in Cotai, called Lisboa Palace.

The HK Standard reported Mr So saying he is worried the HK$30 billion (US$3.8 billion) project may be delayed and go over budget due to higher salary and material costs.