Last week Sociedade de Turismo e Diversões de Macau (STDM) saw losses in Portugal increase by 95%. This has been put down to the heavy taxes on gaming and declining revenues. The business founded by Stanley Ho recorded losses of MOP18.5 million, which is about 1.74 million euros in 2014.
Estoril Sol SGPS S.A. revealed to the Portuguese Securities Market Commission that from 2013 to 2014, losses of the company increased 95% and went from losses of 889,120 euros to 1.74 million euros.
From the three casinos that operate in Portugal that are related to STDM, the Lisbon casino managed to turn a profit that totaled 8.9 million euros.
In 2014, the revenues created by the group declined 3.1%. They then went from 173.6 million euros to 168.2 million euros. This then shows the gaming market trend in Portugal that decreased by 2% to 267 million euros.
The board said that the taxes on gaming are high considering the economic state of Portuguese casinos.
The founder of the company, Stanley Ho (Stanley Ho Hung Sun) is widely seen as the “father” of Macau gaming. In 1987 Portugal agreed to return Macau to China in the year 1999. Mr. Ho became part of the joint advisory committee. He had held a virtual monopoly on Macau gambling for 40 years. The 93 year old father of Melco owner Lawrence Ho, is a Standing Committee member of the 9th National Committee of the Chinese People’s Political Consultative Conference.