{"id":13475,"date":"2021-01-18T23:42:23","date_gmt":"2021-01-18T23:42:23","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=13475"},"modified":"2026-04-23T22:37:16","modified_gmt":"2026-04-24T01:37:16","slug":"grand-lisboa-palace-to-see-ebitda-of-us451m-by-2023","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/grand-lisboa-palace-to-see-ebitda-of-us451m-by-2023","title":{"rendered":"Grand Lisboa Palace to see EBITDA of US$451m by 2023"},"content":{"rendered":"\n

Fitch Ratings has made the forecast in a report on casino operator SJM Holdings.<\/p>\n\n\n\n\n\n\n\n

Macau.- Fitch Ratings has forecast SJM Holding’s new Cotai resort Grand Lisboa Palace<\/strong> will generate EBITDA of HK$2bn (US$258m) by 2022 and HK$3.5bn (US$451m) by 2023.<\/p>\n\n\n\n

The opening of the HK$39bn (US$5bn) resort slated for the first quarter<\/a><\/em><\/strong> of the year, will help SJM as it faces the possibility of lagging behind other casino operators in Macau in the recovery from the impact of Covid-19, the ratings agency said.<\/p>\n\n\n\n

Fitch has given SJM Holdings an IDR default rating of BB+<\/strong> with a negative outlook.<\/strong><\/p>\n\n\n\n

It said the rating reflected SJM\u2019s \u201cconservative financial position, with well-established operations in Macau\u201d but also its \u201cweaker-than-peer market position\u201d<\/strong> in the competitive market.<\/p>\n\n\n\n

The agency believes that the lower exposure<\/strong> of this firm\u2019s casinos in the Cotai area<\/strong>, where most of the slight increase in foreign visitation has been centred, suggests \u201cthe risk of a recovery that is slower than our expectations, which may result from extended travel restrictions.\u201d<\/p>\n\n\n\n

The opening of Grand Lisboa Palace would help correct that.<\/p>\n\n\n\n

It said: \u201cWe forecast Grand Lisboa Palace will have EBITDA of HK$2bn (US$258m) with 330 tables by 2022, and HK$3.5bn with 380 tables by 2023, which will be partially offset by slightly lower EBITDA at its existing properties due to table reallocation and business diverted to Grand Lisboa Palace.\u201d<\/p>\n\n\n\n

Meanwhile, a wholly-owned subsidiary of SJM Holdings<\/strong>, Champion Path Holdings, is to conduct an international offering of new senior notes.<\/strong><\/p>\n\n\n\n

The company said in a filing that the amount and pricing of the notes had not determined been determined but will be defined by a book-building exercise to be conducted by the joint global coordinators and joint book-runners.<\/p>\n\n\n\n

If the firm reaches an agreement with a potential subscriber and the notes are issued, about 90 per cent<\/strong> of the net proceeds will be used to refinance current debt facilities.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Fitch Ratings has made the forecast in a report on casino operator SJM Holdings.<\/p>\n","protected":false},"author":2,"featured_media":13477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Fitch Ratings forecasts SJM Holdings' new Grand Lisboa Palace resort in Macau will generate HK$2bn EBITDA by 2022 and HK$3.5bn by 2023, aiding the operator's post-Covid-19 recovery amidst a 'BB+' IDR with a negative outlook. Concurrently, SJM's subsidiary, Champion Path Holdings, is launching an international offering of senior notes, with approximately 90% of net proceeds earmarked for debt refinancing.","focusai_entities":"Fitch Ratings, SJM Holdings, Grand Lisboa Palace, Champion Path Holdings","focusai_location":"Macau, Cotai","focusai_target_profile":"ceo_executive (0.9), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"SJM Debt Refinancing Impact?","query":"How will the senior notes offering by Champion Path Holdings impact SJM Holdings' overall debt structure and capital allocation strategy, particularly in light of the Grand Lisboa Palace launch?"},{"label":"Macau Recovery Trajectory?","query":"What specific market share shifts are anticipated in Macau's gaming vertical as Grand Lisboa Palace commences operations, and how might this influence the competitive landscape for other concessionaires?"}],"footnotes":""},"categories":[16338,163],"tags":[23907,23906,23108],"class_list":["post-13475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-land-based-casino","tag-macau-casinos","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=13475"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13475\/revisions"}],"predecessor-version":[{"id":13490,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/13475\/revisions\/13490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/13477"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=13475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=13475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=13475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}