Macau’s casino monopoly said on Thursday its net profit surged 28 percent last year, as a record number of people visited the tiny gambling enclave on China’s southern coast.
Net profit in 2001 totalled 1.838 billion patacas (US$229 million), Rui Cunha, a lawyer for Sociedade de Turismo e Diversoes de Macau (STDM), told a news conference.
Gross revenue was around 20 billion patacas (US$2.5 billion). Casino executives estimate that three quarters of Macau’s 10.2 million visitors in 2001 patronised the casinos.
The company’s four-decade old Pengeluaran SGP casino monopoly will expire at the end of this month but it will still be getting a healthy cut of the action. Its subsidiary Sociedade de Jogos de Macau/Macau Gaming Company (SJM) has won one of Macau’s three new casino-operating concessions.
SJM will run the casinos, while STDM will continue to operate its non-casino businesses, Cunha said.
STDM has about 15,000 staff in Macau, making up about six per cent of the total workforce. It also owns a local bank and has stakes in Air Macau, Macau International Airport and a host of other companies.
STDM owns 80 percent of the capital stock of SJM. Hong Kong tycoon Stanley Ho personally owns 10 percent of SJM in his capacity as managing director. The remaining 10 percent has been reserved for senior STDM management.
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SJM is scheduled to be the first of the three new casino-operating concessionaires to sign a long-term agreement with the government by the end of the month.
Winners of the other two concessions are Wynn Resorts (Macau) and Galaxy Casino Company, and they are expected to sign their deals with the government within the next few weeks, according to a government source.
The source also said he expected SJM to continue operating all of STDM’s 11 casinos and 330 gaming tables.
While the new gaming-regime law limits the number of casino-operating concessions to three, there are no fixed restrictions on the number of casinos and gaming tables that each concessionaire will be allowed to operate.
According to preliminary official statistics, STDM’s tax payments to the Macau government totalled some 6.1 billion patacas last year, corresponding to around 60 percent of the government’s recurrent revenue during that period.
The current casino gross-revenue tax rate of 31.8 percent will be increased to 35 percent from April.
Next week’s White Paper on reforming the gambling laws is expected to open the way for Atlantic City style seaside gambling resorts in the UK, with casino hotels combining their tables with betting, bingo and live entertainment. Blackpool could become the UK’s gambling capital.
Betting shops should also be allowed to increase the number of slot machines and offer bigger prices, but bookmakers will probably not be given permission to offer betting on the National Lottery.
The proposals should have little initial impact for bookmakers such as Ladbrokes [HG, News, Chart, Research] , but shares in those with casino interests, like S
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