Asia's largest casino company by revenue, SJM Holdings, has reported a 27 per cent increase in full-year profit to US$870m.
Profits exceeded an estimate of US$850m by 25 analysts surveyed by Bloomberg. Founded by casino mogul Stanley Ho, SJM owns 20 of Macau's 35 casinos but faces increasing competition from Sands China and Galaxy Entertainment.
"SJM's market share remained steady and was gradually improving," said Kenneth Fong, Hong Kong-based analyst at JPMorgan Chase & Co, said. SJM won a land grant in October to build its first casino on the Cotai Strip, the newly developed area of Macau.
