Grand Lisboa Palace posts US$8.9 in gaming revenue in Q3
SJM Holdings has reported that gaming revenue from Grand Lisboa Palace in Q3 was HKD69m.
Macau.- SJM Holdings has reported that Grand Lisboa Palace, the Group’s integrated resort on Cotai, saw gross gaming revenue of HKD69m (US$8.9m) and non-gaming revenue of HKD59m for Q3. Adjusted property EBITDA was negative HKD176m.
HKD57m came from mass-market table games and HKD12m from slot machines. The mass table drop was HKD358m, and the non-rolling chip win was 15.9 per cent.
Grand Lisboa’s total revenue for the quarter was HKD128m. SJM Holdings as a whole saw its loss in the third quarter expand to HKD1.25bn, compared with HKD1.03bn recorded the previous year. The cumulative net loss for the nine months ended September 30 was HKD2.71bn, compared with a loss of HKD2.44bn for the same period last year.
The company, which also operates the Grand Lisboa Casino and Lisboa Casino Hotel on the Macau Peninsula, generated a negative adjusted EBITDA of HKD460m, which compares to negative HKD782m in Q3 2020. Net gaming revenue in the quarter was HKD2.28bn, up from HKD841m in Q3 2020.
As of September 30, the total investment cost of the Grand Lisboa Palace was HKD37.8bn. Grand Lisboa Palace opened one of its towers with 300 rooms on July 30.
SJM Holdings expects casino licence renewal for ten years
SJM Holdings expects authorities will extend its gaming licence beyond the current expiration date of June 26, 2022. It expects the extension won’t be for twenty years but for around ten years.
During an investor meeting, the company told Goldman Sachs the concession length would be longer than five years yet more limited than 20 years. The current city’s gaming laws state that licences can be extended for up to five years from the original 20-year term.
