The government approved the lease of a Cotai site to SJM Holdings Ltd. to construct a 521,435 square meter casino resort that is expected to include 700 gaming tables, 1,000 slot machines and 2,000 hotel rooms. The company said it is also negotiating to rent Macau Theme Park and Resort Ltd.’s adjacent site to expand the overall area of the project. Macau Theme is controlled by Angela Leong, a SJM director.
SJM reported an 11.8 percent rise in first quarter profit to HK$1.92 billion ($247.4 million) from a year earlier. Gaming revenue rose 10.4 percent to HK$21.7 3 billion. VIP gaming revenues rose 13.4 percent to HK$15.14 billion while mass market revenues increased 4.7 percent to HK$6.2 billion. The group’s overall market share however slipped by 1.1 percentage points to 26.2 percent.