Stanley Ho holds sway in junket wars
MACAU – Destination Macau reports that casino tycoon Stanley Ho’s SJM Holdings has proved itself resilient in Macau’s junket commission war.
Casinos in Macau have been spending big to attract the world’s highest spending gamblers.
Although SJM revenue dropped slightly, from HK$16.1 billion in first half 2007 to HK$15.4 billion in first half 2008, “marketing and promotion expenses” – i.e. commissions to junkets – fell sharply to HK$5.6 billion.
Operating and administrative expenses were up during a period when Grand Lisboa was preparing to open its long-awaited hotel tower. SJM ebitda, at HK$981 million, was up 27.4 percent.
Meanwhile, Lawrence Ho, son of Stanley Ho, has expressed interest in building casinos in Taiwan.
“If the Taiwan government lifts the ban on gambling, I am interested in making investments in Taiwan,†he said.
Lawrence Ho is chairman of Melco International Development Ltd, which is involved in building leisure resorts, entertainment facilities and casinos in several countries.
Taiwan is drafting a law to legalise gambling, hoping to develop the Penghu Archipelago, a group of 64 islands in the Taiwan Strait, into a special zone for gambling to lure foreign tourists.
Ian Jarrett
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