Stanley Ho's casino group SJM Holdings saw profits jump 292 per cent in 2010 on the back of strong gaming revenues.
Announcing its latest financial results, the company, which has the largest share of the lucrative Macau market, revealed that gaming revenue grew 67.9 per cent to over HK$57.6bn in the 12 months to December 31, 2010, exceeding the general rate of growth for casino gaming in Macau. With Adjusted EBITDA increasing 113.2 per cent to HK$4.8bn, the company’s profits soared to HK$3.56bn.
"We are very pleased that SJM’s net profit and adjusted EBITDA rose to record levels in 2010 and that the growth in our revenues exceeded that of the booming Macau market," said Ambrose So, chief executive officer of SJM. "We believe that these results, combined with our financial strength, put us in a very favourable position for the future."
Stanley Ho is understood to have finally come to an agreement with members of his family over control of his business empire.
In recent months, claims have been made that certain members of Ho’s family have seized large stakes in Lanceford, the holding company for SJM. The picture has been unclear, however, due to various seemingly contradictive statements made by Ho and his lawyers.
Now it seems the family have reached a settlement and a statement issued by Ho’s office in March said a "full and final agreement based on the principle of mutual understanding" had been reached.
Ho, who has suffered from ill health in recent years, is estimated to be worth over $3bn.
