SJM Holdings Limited’s total net revenue dropped 57.4 percent year on year to HK$1.028 billion in the third quarter, the gaming resort operator announced yesterday.
According to a statement released on the Hong Kong Stock Exchange website, net gaming revenue fell 59.9 percent to HK$913 million.
Net gaming revenue generated 88.8 percent of the company’s total net revenue in the third quarter. Total net revenue included HK$115 million in takings from hotel, catering, retail, leasing and related services, the statement pointed out.
Loss attributable to the company’s owners decreased 51.8 percent to HK$1.895 billion.
Adjusted EBITDA dropped 110.4 percent to HK$968 million.
In the third quarter, VIP gross gaming revenue was a mere HK$29 million, a decrease of 91.0 percent year on year, while mass market gross gaming revenue amounted to HK$857 million, a drop of 57.2 percent. Slot machine gross gaming revenue stood at HK$66 million, a decline of 52.9 percent.
The statement quoted Ambrose So Shu Fai, vice-chairman and CEO of SJM Holdings Limited, as saying that the “results for the third quarter of 2022 continued to be severely impacted by travel restrictions and quarantine requirements,” adding that “in the current quarter, we look forward to the beginnings of [the] gradual liberalisation of travel to Macau, to the award of the new gaming concessions, and to SJM’s commitment to commitment to a continuing presence in Macau for the long term.”
Grand Lisboa on the peninsula and Grand Lisboa Palace (GLP) in Cotai are the company’s main hotel-casino properties.
The government has said it plans to grant up to six rival gaming concessions for up to 10 years by the end of the year. SJM is one of the seven bidders.
This undated file photo shows SJM’s Grand Lisboa and Lisboa casino-hotel properties on the peninsula. – Photo courtesy of Expedia
