SJM Holdings’ net gaming revenue fell 2.6 percent year on year to HK$2.35 billion in the first quarter, the gaming resort company said in a statement to the Hong Kong Stock Exchange yesterday.
However, total net revenue grew 2.4 percent to HK$2.53 billion, including hotel, catering, retail, leasing and related services revenue of HK$188 million. Adjusted EBITDA decreased 48.4 percent to HK$474 million.
As of March 31, the company had HK$1.75 billion of cash, bank balances, short-term bank deposits and pledged bank deposits, as well as HK$22.81 billion of debt, according to the statement.
The statement quoted SJM Holdings Vice-Chairman and CEO Ambrose So Shu Fai as saying that “inbound tourism is still being profoundly impacted by the COVID-19 pandemic. Given our confidence, however, in the eventual recovery of Macau tourism and SJM’s prospects for obtaining a new concession extending beyond 2022, we have continued to introduce additional elements in retailing and F&B at our new Grand Lisboa Palace [in Cotai], whilst focusing on cost controls and efficiency.”
