Angela Leong, known to be a stakeholder in Asian gambling operator SJM Holdings Ltd., commented on the current situation in Macau and what the government should do in order to help the city’s struggling casino industry.
Ms. Leong owns a 8.1% stake in the gambling company, which operates the greater part of Macau’s 36 casinos. Currently, SJM Holdings manages 20 gambling venues across the administrative region.
Following the anti-corruption campaign introduced by Chinese President Xi Jinping, Macau’s gross gaming revenue has been dropping for 18 consecutive months now and the trend is most likely to continue in 2016. The main reason for this is the fact that President Jinping’s measures resulted in fewer high rollers from Mainland China traveling to the gambling hub.
Revenue from wealthy Chinese players accounts for more than a half of the city’s gross gaming revenue. What is more, the former Portuguese colony is highly dependent on its casino industry and the declining gambling turnover imminently resulted in an overall economic slowdown.
When asked about her opinion on what the city government should do in order to cope with the challenging economic environment, Ms. Leong told interviewers that “faster decision-making and better infrastructure planning” are the key to the much-needed recovery.
As mentioned above, Ms. Leong is a stakeholder in SJM Holdings and executive director of the gambling company. In addition to this, she holds 6.86% in Sociedade de Turismo e Diversoes de Macau SA, an unlisted parent of the Macau-based gambling operator. Apart from casino assets across the administrative region, the latter company also manages hotels, real estate and financial services firms, and many other.
Ms. Leong was introduced to the casino industry and the world of business as a whole by Hong Kong business magnate Stanley Ho or the ‘King of Gambling’ as he is often referred to as due to his numerous contributions to Macau’s establishment as the world’s most popular and profitable gambling destination.
Ms. Leong is the businessman’s fourth wife and mother of his youngest five children. After Mr. Ho’s fortune was split among family members, Ms. Leong became the owner of a 8.1% stake in SJM Holdings and a prominent figure in Macau’s casino industry.
The casino operator saw its revenue for the nine months ended September 30, 2015 drop 39.6% year-on-year. SJM Holdings’ 20 casinos across Macau generated a total of HK$37.6 billion over the period in review.
