Ambrose So: Possible negative growth for 2014 gaming revenue

Ambrose So Shu Fai, chief executive of SJM Holdings Ltd, expects this year’s gross gaming revenue in Macau may suffer a decrease compared to last year, according to Chinese media outlet Macau Daily. Mr. So said the number of visitors to SJM has remained flat. The biggest slump in revenue has appeared in the VIP sector. He expected that even if the gaming revenue in November and December can perform as well as last year, the increase in this year’s total revenue would only be 2.3 percent. Any worse performance in the last two months of this year compared to the same period in 2013 would indicate a negative growth of 2014 on a year-on-year basis. No VIP promoters have withdrawn from SJM’s casino floors, he says, despite rumours some VIP rooms had to be closed due to the decline in sector revenues. Mr. So said the casino operators only deal with junkets which have the freedom to run their VIP rooms. He was speaking to reports on the sidelines of the first anniversary celebration of the Macau European Chamber of Commerce, for whom he acts as honorary chairman, on Wednesday. The organisation said that they are fostering the works to fortify bilateral relations for the benefit of mutual economy, commerce and culture. Mr. So said that SJM would continue to support the chamber of commerce in enhancing the connection between Macau and Europe and that it has integrated European elements into its Lisboa Palace Cotai project introducing two European brands – Versace and Karl Lagerfeld. J.K.