STDM posts net loss of US$107.4m for 2020

STDM has released its financial report for the year 2020, revealing MOP859.6m (US$107.4m) in net losses.

Macau.- Sociedade de Turismo e Diversões de Macau (STDM), the company which holds a majority stake in SJM Holdings Limited, has released its financial report for the year 2020, revealing net losses of MOP859.6m (US$107.4m) due to the lack of tourists amid the Covid-19 pandemic.

Daisy Ho, chairman and executive director of SJM Holdings Limited, said: “Despite the flow of tourists, the company persisted in complying with the management, maintenance of facilities, cleaning and reception services of commercial spaces stipulated in the concession contract for exploration.”

Ho said that with no date for the resumption of maritime routes between Hong Kong and Macau, the damage is expected to persist into 2021.

SJM Resorts will soon open its Grand Lisboa Palace integrated resort, although it hasn’t given an exact date. The opening has been delayed several times due to the Covid-19 pandemic.

The company plans to open just one of its three hotels initially, with limited retail options. It will also open with 260 mass tables, while the remaining 44 VIP tables will be launched in 2022 after the opening of the Versace-branded hotel. 

Grand Lisboa Palace involved an investment of HKD39bn (US$5bn). When complete, it will have around 2,000 hotel rooms split between three venues: The Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel luxury boutique hotel.

It includes 27,000 square metres of gaming floor space (290,000 sq ft) for up to 700 gaming tables and 1,200 electronic gaming machines.