SJM Holdings net loss widens in Q3

SJM Holdings has reported that net gaming revenue fell 59.9 per cent year-on-year.

Macau.- SJM Holdings Limited has shared its financial results for the three months ended September 30. Its net loss widened to HK$1.89bn (US$241.5m), compared to a loss of HK$1.25bn in the third quarter of last year. The net loss for the nine months ending September 2022 was HK$4.65bn.

Net gaming revenue for Q3 was HK$913m (US$116.3m), down 59 per cent year-on-year. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the quarter was negative HK$968m, compared to negative HK$460m in the third quarter of 2021.

The Grand Lisboa Palace, the Group’s integrated resort on Cotai, reported gross revenue of HK$115m (US$14.7m), including gross gaming revenue of HK$46m (US$5.9m) and non-gaming revenue of HK$69m (US$8.8m).

The casino operator reported it had HK$4.5bn in cash, bank balances, short-term bank deposits and pledged bank deposits and HK$26.8bn of debt as of September 30. The company noted that in June it reached an agreement with a banking syndicate led by the Industrial and Commercial Bank of China (Macau) for syndicated loan facilities worth up to HK$19bn (US$2.4bn).

SJM Resorts supports Macau demands for non-gaming investment

Angela Leong On Kei, co-chairman and executive director of SJM Holdings, has said that the company is committed to fulfilling the Macau government’s demand for more investment in non-gaming projects from casino operators.

Speaking at company event, Leong On Kei said the company supports the city government’s aims to increase non–gaming in Macau’s tourism sector. She said that the gaming sector is going through reform after 20 years of development.

According to the commission overseeing the gaming concession tender, bidders were required to describe their plans for promotional and marketing activities to raise awareness of Macau among international customers.