SJM revenue drops 90% in Q3

SJM revenue drops 90% in Q3

The company is waiting for the final inspection on Grand Lisboa Palace to inaugurate in Q1 of 2021.  

Macau.- SJM Holdings has reported net gaming revenues of HK$841 million (US$108.4 million) for the third quarter of 2020. That’s an 89.6 per cent drop since the same period in 2019.

EBITDA for the same period was negative HK$782 million (-US$100.8 million), down by 182.3 per cent.

For the first nine months of 2020, SJM saw net gaming revenues of HK$5,1bn (US$659.45m), a decrease of 79.4 per cent on the first nine months of 2019.

EBITDA was down 158.3 per cent to negative HK$1,8bn (-US$227m).

Losses attributable to owners hit HK$1.03 billion (US$132.9 million) in Q3 and HK$2.44 billion (US$314.8 million) in the first nine months of 2020.

The group reported gross gaming revenue (GGR) for Casino Grand Lisboa in Q3 of HK$176 million (US$22.6 million), a decrease of 93.7 per cent year-on-year. For the nine months that ended on September 30, GGR was down 84.4 per cent to HK$1.5bn (US$193.7 million).

During Q3, SJM operated an average of 180 VIP gaming tables, while during the same quarter last year the number of VIP tables was 286. It also ran 832 mass market gaming tables and 1,109 slot machines.

Total VIP chip sales in Q3 reached HK$4.1 billion (US$528.8 million) and the VIP gaming hold percentage (before commissions and discounts) was 4.89 per cent.

The company said construction work on the Grand Lisboa Palace has been completed and it was waiting for local authorities to conduct the final inspection for it to open. The expected inauguration date will be in the first quarter of 2021.

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