STDM has released its financial report for the year 2020, revealing MOP859.6m (US$107.4m) in net losses.<\/p>\n\n\n\n\n\n\n\n
Macau.- Sociedade de Turismo e Divers\u00f5es de Macau (STDM), the company which\u00a0holds a majority stake in SJM Holdings Limited<\/strong>, has released its financial report for the year 2020, revealing net losses of MOP859.6m (US$107.4m)<\/strong>\u00a0due to the lack of tourists amid the Covid-19 pandemic.<\/p>\n\n\n\n Daisy Ho, chairman and executive director of SJM Holdings Limited, said: “Despite the flow of tourists,\u00a0the company persisted in complying with the management<\/strong>, maintenance of facilities, cleaning and reception services of commercial spaces stipulated in the concession contract for exploration.”<\/p>\n\n\n\n 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.<\/p>\n\n\n\n SJM Resorts<\/a> will soon open its\u00a0Grand Lisboa Palace integrated resort<\/a>, although it hasn\u2019t given an exact date. The opening has been delayed several times due to the Covid-19 pandemic.<\/p>\n\n\n\n The company plans to\u00a0open just one of its three hotels initially<\/strong>, with limited retail options. It will also\u00a0open with 260 mass tables,\u00a0<\/strong>while the remaining 44 VIP tables will be launched in 2022 after the opening of the Versace-branded hotel.\u00a0<\/p>\n\n\n\n Grand Lisboa Palace <\/strong>involved an investment of HKD39bn (US$5bn). When complete, it will have around 2,000 hotel rooms<\/strong> split between three venues: The Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel luxury boutique hotel.<\/p>\n\n\n\n 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.<\/p>\n","protected":false},"excerpt":{"rendered":" STDM has released its financial report for the year 2020, revealing MOP859.6m (US$107.4m) in net losses.<\/p>\n","protected":false},"author":176,"featured_media":18522,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"STDM reported MOP859.6m (US$107.4m) in net losses for 2020, primarily due to the Covid-19 pandemic's impact on tourism in Macau. SJM Holdings' Grand Lisboa Palace integrated resort, a HKD39bn investment, faces continued delays and will open in phases, initially with limited gaming and hotel capacity, with full VIP operations slated for 2022.","focusai_entities":"STDM, SJM Holdings Limited, SJM Resorts, Daisy Ho, Versace, Karl Lagerfeld","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), compliance_legal (0.7), operator_casino (1.0), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"GLP Ramp-Up Projections?","query":"What are SJM Holdings' revised ramp-up projections for Grand Lisboa Palace's GGR and NGR contributions, considering the phased opening and current market conditions?"},{"label":"Capital Structure Impact?","query":"How do STDM's sustained net losses and the significant capital expenditure for Grand Lisboa Palace impact SJM Holdings' overall capital structure and debt covenants?"}],"footnotes":""},"categories":[157,16338,158],"tags":[23906,23108],"class_list":["post-19622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","category-slider-home","tag-macau-casinos","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/19622","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\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=19622"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/19622\/revisions"}],"predecessor-version":[{"id":19665,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/19622\/revisions\/19665"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/18522"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=19622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=19622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=19622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}