Macau casino operator SJM 1H profits soar

Casino operator SJM Holdings (0880.HK) booked a first-half net profit of US$202 million, four times higher than for the same time last year, Bloomberg reported. According to a filing with the Hong Kong Stock Exchange, SJM saw a doubling in revenue from high-stakes gamblers to US$2.27 billion, with the number of VIP tables increasing to 464 from 320 at end-2009. Controlled by tycoon Stanley Ho, SJM retains the highest share of Macau’s casino market at 31.8%, slightly higher than its 29.6% market share from the same time last year. Melco International Development (0200.HK), headed by Stanley Ho’s son Lawrence, also signaled better times ahead with a net loss of US$28 million compared with a loss of US$104 million the same time last year. Macau overtook the Las Vegas Strip as the world’s biggest gambling center in 2006.