Competition for the Macau gaming dollar is heating up with licensed companies looking to expand their operations, especially in the coveted Cotai Strip area.
And, like its competitor MGM Resorts International (MGM), SJM Holdings Ltd., the gaming company founded by the legendary Stanley Ho, says a land concession for Cotai is “imminent.”
The company needs a boost if it expects to retain its dominant marketing position. During the first quarter of the fiscal year, the company noted its market share had fallen to 27.3 percent from the 31.9 percent it held in the comparable quarter.
Net income for the period was $220 million, a 22 percent increase over the previous year.
Like its competitors, MGM and Melco Crown Entertainment Ltd. (MPEL), the company said it was in advanced talks with the Macau government to build a new casino. However, in January the government announced it planned to authorize two land grants for the Cotai Strip this year. Just last week, it was announced the first approval was given to a subsidiary of Wynn Resorts Ltd. (WYNN).