SJM, which operates 18 of Macau’s 28 casinos, has been trying to list it’s IPO with aims to raise US$1 billion by selling a 25 percent stake. SJM, which once had a monopoly on Macau gambling, accounted for 42 percent of the territory’s gaming revenue at the end of last year. This percentage is expected to drop to around 20 percent next year, apparently during the first two weeks of 2008 SJM’s share has reportedly dropped to 31 percent. On top of this profit for 2007 is expected to have fallen about 50 percent to US$156 million, down from US$312.5 million a year earlier, this surely must hurt them!
So where does this leave Dr Stanley Ho’s empire, well SJM/STDM has plans to over the next three years to spend more than US$1.4 billion on six new projects. This investment compared to what Galaxy, Melco PBL, Las Vegas Sands and Wynn are spending on their casinos is really peanuts! Please tell me more! ยป
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