Ip takes over from Ben Toh Hup Hock, who is moving to the role of chief operating officer at SJM. The new CFO and COO appointments are effective from today (6 December).
An experienced executive, Ip was previously CFO of The Hongkong and Shanghai Hotels. He served in this role, as well as being an executive director from January 2021 to March 2023.
Prior to this, Ip held senior management positions at the Jardine Matheson Group, Morgan Stanley and Deutsche Bank. Ip has a degree in international relations from Brown University in the US and a Master of Business Administration degree from London Business School.
Toh has held the CFO position at SJM since early 2021, also serving as COO for finance and development at SJM Resorts. Previously, he worked in a senior finance role at Sands China.
Revenue up 429.9% at SJM in Q3
The reorganisation comes after SJM last month published its Q3 results, with these revealing significant year-on-year growth.
Net gaming revenue was up 492.9% to HK$5.41bn (£549.6m/€641.9m/US$692.5m) in Q3. This came as SJM continued to benefit from the removal of pandemic measures in Macau.
Gross gaming revenue increased 502.0% to $5.73bn. Some $4.90bn came from non-rolling activities, a rise of 506.8%, and $499m from electronic games, up 330.2%. A further $335m was attributed to rolling games, a rise of 1,055.2% from last year.
Adjusted EBITDA amounted to $566m, in contrast to the negative $968m posted last year. Meanwhile, adjusted EBITDA margin stood at 9.6%, compared to last year’s negative 94.2%.
As for the year-to-date, net gaming revenue increased 198.6% to $14.11bn. Gross gaming revenue was also 196.9% higher at $14.91bn
In addition, group adjusted EBITDA was 147.9% higher at $1.03bn, with a margin of 6.7%.
Original article: https://igamingbusiness.com/people/people-moves/sjm-names-ip-cfo-management-reorganisation/
