The Macau casino operator has reported a net loss of nearly HK$647m (US$83.3m) for the first three months of the year.
Macau.- Casino operator SJM Holdings has reported that net revenue in the first three months of the year was down by 29 per cent year-on-year to HK$2.4bn (US$312.9m).
Adjusted EBITDA came in at HK$319 m (US$41.1m) while net losses reached HK$647m (US$83.3m), mainly due to the Grand Lisboa Palace HKD39bn (US$5bn) construction.
SJM Holdings reported revenue of HK$485m (US$62.4m) from the VIP sector, down 59.4 per cent, and HK$2bn (US$263.9m) from the mass market, down 21.3 per cent.
Slot machine gross gaming revenue during the first quarter decreased by 17.3 per cent when compared to the prior-year period.
SJM Holdings has recently announced that Grand Lisboa Palace has passed the government’s final inspections and will finally open by June 2021 after facing multiple delays over the years.
Grand Lisboa Palace will have up to 700 gaming tables and 27,000 square metres of gaming floor space (290,000 sq ft).