Company open to new partners

Ambrose So, vice-chairman of the board of directors of SJM, told the press that the gaming operator has not received any official information regarding the gaming renewal licenses, yet stated that the SAR’s gaming concessions will be re-auctioned.

Speaking to the press on the sidelines of the opening ceremony of the Macau Gaming History Gallery, the executive explained, “Everyone thinks that this will be a logical arrangement because everyone will [get to] start on the same page because it’s quite unimaginable if [it] starts [one] tender procedure two years after the other.”

So believes that the region has space for new players in the gaming industry, yet leaves the decision of how many concessionaires are beneficial to the development of the city to the central government and the SAR.

The executive also expressed that Sociedade de Jogos de Macau (SJM) would want to keep its satellite casinos, after being questioned on whether he was expecting some changes that will impact service agreements.

“Of course we will comply with whatever policy… is announced by the government. […] We want to contain the number of satellite casinos, something that we inherit from the past. As you know, if we operate our own casinos, the profit margin is much better. This is a policy of SJM,” So explained.

The executive further added that it is open to the idea of partnering with other players in the industry, after the new tender has been disclosed.

“We are open to consider all opportunities. We don’t have [potential foreign partners] for the time being.”

Commenting on the recent UnionPay crackdown that targets POS machines in Cotai pawnshop terminals, So argued that gaming operators will not suffer any major impact.

“UnionPay will set up their terminal anywhere… If they have to move away from the casino premises, for the time being, I don’t see any major impact for any policy regarding this,” he said.

Meanwhile, Bernstein analysts described the crackdown as unusual, due to the lack of information provided by authorities.  LV