SJM Holdings (00880.HK) is banking on its massive integrated resort and casino project at the Cotai Strip to regain the leading status in Macau’s gaming industry, the Hong Kong Economic Journal reported, citing chief executive Ambrose So Shu-fai.
The company has to wait until at least 2017 before the new resort can open and restore SJM’s prime position in the market, helping it take back the No. 1 spot from Sands China (01928.HK), So said.
Sands China is now said to control about 23.2 percent market share in the local gaming sector.
SJM, backed by tycoon Stanley Ho Hung-sun, meanwhile, plans to expand into new markets in Southeast Asia and Japan, in view of slower growth in gaming revenue in Macau.
So said his company intends to work with local licensees. However, it does not envisage any cooperation with substantial shareholder Chow Tai Fook Enterprises with regard to the latter’s bid for a gaming license in Brisbane, Australia.
Macau’s gaming revenue rose about 9 percent in May from a year ago, the second time it clocked a single-digit growth this year. So expects the full-year revenue to top 400 billion Macau patacas (US$50.09 billion), representing double-digit growth.
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