Macao’s oldest gaming concessionaire has a new chief financial officer, one with extensive experience in investments, real estate and corporate finance.
SJM Holdings
MGM China is trading just a fraction above its 1 January level. The five other concessionaires’ share prices have dropped between 21 and 48 percent.
The company Macau Legend, which owns Macau Fisherman’s Wharf, is set to exit Cabo Verde and Cambodia by 2025.
The government is partnering with SJM in the latest in a series of collaborations with gaming concessionaires to gentrify older parts of Macao.
The onetime casino, made famous as a location in a 1974 James Bond movie, is to be revamped as a museum and dining complex.
Daisy Ho, chair of SJM, says ‘After several years facing challenges caused by the pandemic, SJM has turned an important corner’.
A company statement says So, who spent 16 years as SJM’s executive director and chief executive officer, will not seek reelection at the next AGM.
A report by JP Morgan says the casinos’ ability to run tighter operations is going to significantly boost profits in the coming years.
Macao’s homegrown gaming concessionaire struggled under Covid-19 restrictions and says in a regulatory filing that its losses worsened last year.
