SJM revenue down 77.8% in 2020

The group hopes to open Grand Lisboa Palace during the first half of 2021.
The group hopes to open Grand Lisboa Palace during the first half of 2021.

The Macau casino operator reported a net loss of nearly HKD3.03bn (US$390.2m) for the year ending December 31.

Macau.- Casino operator SJM Holdings has reported that revenue in 2020 was down by 77.8 per cent year-on-year.

Gaming revenue for 2020 came in at HKD7.30bn, down 78 per cent from HKD33.159bn in 2019.

The company reported a net loss of nearly HKD3.03bn (US$390.2m) for the full year, compared with a profit of HKD3.21bn (US$401.1m) for 2019.

Adjusted EBITDA came in at HK$2,089m, down 149.6 per cent year-on-year.

The group was severely impacted by the Covid-19 outbreak, which led to the closure of Macau’s casinos for 15 days in February and ongoing restrictions on entry from mainland China, Hong Kong and other locations.

The company says it expects to continue to see a gradual recovery throughout 2021, which will also see the opening of the Grand Lisboa Palace.

Last week, SJM hosted a recruitment event for the new casino resort together with Macau’s Labour Affairs Bureau.

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