GGRAsia – SJM’s Ambrose So opposes more casino licences in Macau

SJM’s Ambrose So opposes more casino licences in Macau

Feb 23, 2015 Newsdesk Latest News, Macau, Top of the deck

The chief executive of Macau-based casino operator SJM Holdings Ltd, Ambrose So Shu Fai (pictured), opposes the idea of increasing the number of casino licences in Macau.

That will not contribute to a healthier development of the city’s gaming industry, Mr So told reporters on the sidelines of a Chinese New Year gala dinner hosted by SJM Holdings.

Earlier this month, David Chow Kam Fai, co-chairman and chief executive of casino services firm Macau Legend Development Ltd, urged the Macau government to open the gaming market to new investors. Mr Chow said that the review of the casino concessions ahead of the renewal process should lead to more gaming licences for local companies.

Macau Legend operates two casinos in Macau under the gaming licence of SJM Holdings.

The city’s government has mentioned the years 2015 and 2016 as starting points for discussion on the renewal of the six existing gaming concessions. Their current permissions expire in 2020 and 2022. In January, Macau’s Secretary for Economy and Finance Lionel Leong Vai Tac said the government would conduct a “mid-term review” of the gaming industry this year.

Meanwhile, Mr So said he was “not worried” about the ongoing slump in casino gross gaming revenue in Macau. He stated that the market was undergoing an “adjustment period” and forecast that growth could return during the second half of 2015.

During the SJM Holdings gala dinner, a tongue-in-cheek video by company chairman Stanley Ho Hung Sun was shown, with the nonagenarian making some witty remarks on the Year of the Goat.