72 gaming
Shrinking gains at SJM
SJM´s profit attributable to equity holders dropped
48 percent to HK$796.1 million last year
T
HE annual results report ciedade de Turismo e Diversões de
of Stanley Ho Hung-sun’s Macau (STDM) said that after “care-
Sociedade de Jogos de Macau ful consideration” of the actual market
showed a drop of 12.9 percent in conditions, the board of directors of
gaming revenue to HK$ 27.992 billion both companies had agreed to freeze
in 2008. these new investments.
In 2007, SJM reported HK$1.53 The statement stresses that the
billion profit attributable to equity group has the necessary funds, but
holders and a gaming gross revenue that the completion of the two projects
of HK$32.14 billion. Earnings from would represent “a burden on its finan-
shares were also down from 40.9 HK cial resources”.
cents to 18.4 HK cents. SJM, who already owns part of
T
E
R
S
O
The results come a week after SJM Hotel Lisboa, planned to buy the re-
L
M
announced it had cancelled a US$4.29 maining portion from STDM and ex-
A
Í
S
billion plan to buy the Hotel Lisboa, pand the casino-hotel property start-
:
L
U
and that it was not going to buy a lot ing this year till 2012.
T
O
O
of terrain in the Nam Van Lake area The Nam Van Lake lot 11-A oc-
H
P
of Macau. cupies 2.885 square meters of land and
SJM announced it had cancelled
SJM and its parent company So- was also to be developed by SJM.
a US$4.29 billion plan to buy the Hotel lisboa
MGM – we can pay City Centre
MGM Mirage is fighting off accusations that it is unable to pay its share in the
partnership with Dubai World to complete City Centre, on the Las Vegas strip
I
NFINITY World Development Corp., a unit MGM and Dubai World failed to raise loans
of the state-controlled Dubai World, filed a needed to finish the 67 acre complex, as credit
law suit against MGM, accusing the casino markets froze and gambling declined.
operator of not living up to its financial promises Meanwhile, MGM Mirage sold the hotel-
within the partnership. casino Treasure Island to Ruffin Acquisition,
In a statement, MGM Mirage says the law a company held by the Phil Ruffin group, sug-
suit is “completely without merit” and that it has gesting it now has the necessary funds to move
“available cash” to fund its share of costs in the ahead with its City Centre partnership.
completion of the casino, hotel, apartment and Treasure Island is one of the most popular on
mall complex City Centre. the Las Vegas strip. Its sale earned MGM US$775
According to the American company, the million. The American group risked bankruptcy
equal partners had agreed to fund just under after registering net losses of US$1.15 million in
US$500 million each to fill a construction pay- the last quarter of 2008.
ment until a US$1.8 billion bank facility becomes available, The of Treasure Island was concluded in 2008, but lacked
in June, to finish City Centre. the required authorisation by regulating authorities.
Award for excellency
MGM Grand Macau and StarWorld Hotel and Casino were
distinguished in the China Hotel Starlights awards - the “Oscars”
for the hotel industry. MGM was rated the best luxury hotel in
China and Starworld was once again honoured for its excellence.
in 2008, the hotel was considered one of the “TOp 10 China City-
Nova Hotels” at the same event. The annual Starlight awards are
designed to recognise China’s most outstanding hotels and this
year’s winners in the same category include le Meridien Shimei
Bay Beach resort and Spa in Hainan, Disney Hollywood Hotel of
Hong Kong, and the Hyatt regency Dongguan.
april 2009
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