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SJM’s turnover so far only 10pct of last year – Ambrose So

The turnover of gaming operator SJM Holdings Ltd so far this year has only translated to 10 per cent in the same period of last year given the outbreak of the novel coronavirus, the gaming operator’s vice chairman and CEO of SJM, Ambrose So Shu Fai, said today (Tuesday) according to Hong Kong media.

The remark was made after SJM’s annual general meeting of the company held in Hong Kong today at the Shun Tak Centre.

So noted that although he is “not optimistic” over the local gaming market for this year, he believes “the worst has passed” for the sector and the gross gaming revenue will bottom out soon.

Local gross gaming revenues have plunged 73.7 per cent year-on-year to MOP33 billion in the first five months of this year as the global pandemic has kept visitors at bay.

Meanwhile, SJM Holdings has reported a 148 per cent year-on-year drop in net profits to some HK$409 million in losses for the first quarter of this year, with total net revenue falling 60 per cent year-on-year to some HK$3.47 billion.

So noted that about half of the gaming tables under SJM have already been put back to operation, adding there might be “strong recovery” in the local gaming sector next year.

Daisy Ho Chiu Fung, chairperson of SJM, also reiterated after the general meeting today that the passing of her father, the late tycoon Stanley Ho Hung Sun, would not have any impact upon SJM.

She also added there “will be no big changes” to the board of SJM, following the passing of the group’s founder.

In regards of the gaming licenses — as the city’s six gaming licenses will expire by 2022 — and whether Covid-19 would delay the retendering process, the younger Ho only noted SJM would fully cooperate with the arrangement of the government.