Macau: Casino operators issue 2007 accounts, Stanley Ho leads by profit

2 May 2008

Macau, China, 2 May – Sociedade de Jogos de Macau (SJM), owned by Macau gaming magnate Stanley Ho in 2007 posted the biggest profit amongst gaming concession-holders in Macau, with total profit of 1.845 billion patacas (US$230 million).

According to accounts, published Wednesday in the Macau press, only MGM Grand Paradise and Melco PBL Gaming, in which Pansy Ho and Lawrence Ho, are, respectively, shareholders, posted a loss.

In an analysis by operator, SJM, whose 2007 profit was 20 percent lower than in 2006, had net turnover of 20.239 billion patacas after paying 12.872 billion patacas in direct gaming taxes.

Venetian Macau, which in Macau owns the world’s largest casino, saw profit in 2007 fall 47 percent against 2006 (from 2.972 billion patacas to 1.579 billion patacas).

Melco PBL Gaming, which as a result of a an agreement with a gaming promoter has seen strong growth of its revenues, despite this posted a net loss of 1.041 billion at the end of the year, in addition to a deffered loss from 2006 of 386.4 million patacas.

Wynn Resorts in 2007 posted net profit of 1.486 billion patacas, with net operating income of 11.184 billion patacas and operating costs and expenses of 9.715 billion patacas.

Galaxy Casino, which only has accounts for last year, posted a profit of 560.9 million patacas base don revenue of 11.856 billion patacas.

MGM Grand Paradise, which opened its first casino on 18 December 2007, posted net revenues of 161.9 million patacas and ended 2007 with a loss of 711.9 million patacas.

Macau currently has 29 casino licenses – but only 28 casinos are in operation – and six de facto operators with three concessionaires and three sub-concessionaires. (macauhub)