not vested
SJM turnover only 10pc of last yearby Winnie Lee
Macau casino operator SJM's (0880) chief executive Ambrose So Shu-fai said the company's turnover so far this year is only 10 percent of that recorded in 2019, but forecasts that business would rebound strongly next year.
Speaking at its annual general meeting yesterday, So expects the Hong Kong, Macau and the Greater Bay Area control points to reopen in the next half-year, so revenue can rebound.
The group mentioned that the recovery rate of the casino has reached 50 percent, with cochairman Angela Leong On-kei saying it has recruited new staff for its new casino.
Chairwoman Daisy Ho Chiu-fung said after the meeting that the passing of her father Stanley Ho Hung-sun will not have any impact on SJM. Before the meeting, a minute's silence was held in memory of Stanley Ho.
Ho emphasized there will not be big changes among the new board of directors. In fact, Ho was appointed as a company authorized representative, effective from June 10.
Meanwhile, Ng Chi-sing has ceased functions as SJM's chief operating office and executive director and has been redesignated as a non-executive director and also a consultant.
Bills of Daisy Ho Chiu Fung, Timothy Fok Tsun-ting, Angela Leong On-kei and Ambrose So Shu-fai as executive directors were passed in the AGM, which Ina Chan Un-chan, Stanley Ho's third wife, did not attend.
Meanwhile, security and consulting company Steve Vickers & Associates' forecasts that American gaming operators would be under pressure if Sino-US ties further worsen.
It addressed that the "steep deterioration" in US-China relations, coupled with the impact of the coronavirus outbreak, poses serious threats to foreign firms engaged in the Macau gaming industry.
Source: The Standard
https://www.thestandard.com.hk/section- ... -last-year
It's all about "how much you made when you were right" & "how little you lost when you were wrong"