SJM Holdings announces retirement of CEO Ambrose So Shu Fai

Ambrose So will be succeeded by Toh Hup Hock.

Macau.- SJM Holdings Limited has announced that its chief executive officer and executive director, Ambrose So Shu Fai, will retire on June 30. Toh Hup Hock, currently the deputy chief executive officer and chief financial officer, will take over both roles from July 1.

So has been with SJM Holdings since its inception in 2006 and has led the company through many milestones, including the opening of Grand Lisboa in 2007, the expansion of its gaming operations in Macau Peninsula and Cotai and the development of Grand Lisboa Palace, which is expected to open in the second half of 2023.

Toh joined SJM Holdings in 2011 as chief financial officer and was appointed as deputy chief executive officer in 2019. He has over 30 years of experience in finance, accounting, and management and has played a key role in SJM Holdings’ financial planning, capital management, and business strategy.

The company stated: “The board wishes to thank So for his valuable contribution during his long tenure of office as vice-chairman, executive director and chief executive officer of the company.” The board also congratulated Toh on his appointment and expressed its confidence that he will lead the company to new heights of success.

SJM Holdings has recently shared its financial results for the year 2022. Net gaming revenue was HK$6.1bn (US$780m), down by 36 per cent compared to a year earlier. The group’s EBITDA was negative HK$3.1m (US$394.3m), compared with negative HK$1.58m for 2021.

The company confirmed a loss attributable to its owners of HK$7.80bn, up 88.2 per cent from 2021. It reported it had a 15.8 per cent share of Macau’s gaming revenue, including 19.8 per cent of mass-market table gross gaming revenue and 4.9 per cent of VIP gross gaming revenue.