The largest casino operator in Macau SJM Holdings has surpassed analysts’ expectations with their first half profits. The company which is famed for their founding father and Macau legend Dr Stanley Ho posted a 12% rise in first half profits. The rise was put down to an increase in middle class gamblers as opposed to high roller VIPs.
Results up to June were $487 million compared to the same period last year of $438.5 million, beating most predictions by $20 million.
SJM was once the only casino operator in Macau for over forty years before the Chinese government allowed in overseas operators in 2001, with companies such as Wynn, Las Vegas Sands and MGM. Now the company is valued at over $14 billion with its flagship casino in Macau the Grand Lisboa, however SJM holds 20 of the 35 casinos still in the former Portuguese colony.
