{"id":27679,"date":"2022-03-01T07:26:59","date_gmt":"2022-03-01T10:26:59","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=27679"},"modified":"2026-04-23T10:55:55","modified_gmt":"2026-04-23T13:55:55","slug":"sjm-holdings-reports-net-loss-of-us530-3m-for-2021","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sjm-holdings-reports-net-loss-of-us530-3m-for-2021","title":{"rendered":"SJM Holdings reports net loss of US$530.3m for 2021"},"content":{"rendered":"\n

The Macau casino operator has reported a net loss of HKD4.14bn (US$530.3m) for the year.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0SJM Holdings\u00a0<\/strong>has reported a full-year loss of HKD4.14bn (US$530.3m) for 2021, compared with a loss of HKD3.03bn for 2020. It blamed ongoing disruptions to tourism due to the Covid-19 pandemic.<\/p>\n\n\n\n

Net gaming revenue in 2021 increased by 31.5 per cent year-on-year to nearly HKD9.61bn. The group’s EBITDA loss narrowed by 24.3 per cent to HKD1.58bn. Grand Lisboa Palace<\/a> saw gross revenue of HKD370m, including HKD200m in gross gaming revenue (GGR).\u00a0<\/p>\n\n\n\n

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) was a negative HKD423m after adjusting for pre-opening expenses of nearly HKD1.03bn. <\/p>\n\n\n\n

SJM revealed it accounted for 12.3 per cent of Macau’s gross gaming revenue in 2021, including 16.3 per cent of mass-market table gaming revenue and 4.9 per cent of VIP gaming revenue. Company-wide\u00a0gross gaming revenue in 2021 increased by 25.3 per cent\u00a0<\/strong>year-on-year to HKD10.37bn.<\/p>\n\n\n\n

Revenue from the VIP segment fell 33.3 per cent year-on-year to nearly HKD1.36bn. Mass market table gaming revenue was up 44.6 per cent<\/strong>\u00a0to HKD8.47bn. Revenue from slot machines and other gaming operations was up 41.6 per cent year-on-year to HKD537.1m in 2021.<\/p>\n\n\n\n

Grand Lisboa Palace had a partial opening in July. When complete, it will have\u00a0around 2,000 hotel rooms<\/strong>\u00a0split between three venues: The Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel luxury boutique hotel.\u00a0 It will have\u00a027,000 square metres of gaming floor <\/strong>(290,000 sq ft) for up to\u00a0700 gaming tables and 1,200 electronic gaming machines.<\/p>\n\n\n\n

Moody\u2019s downgrades SJM Holdings ratings<\/h2>\n\n\n\n

Moody\u2019s Investors Service has downgraded SJM Holdings Ltd<\/a>\u2018s corporate family rating and the company\u2019s senior unsecured rating on its guaranteed bonds. The agency said in a report that the downgrade reflected \u201ccontinued delays\u201d in the execution of the company\u2019s refinancing plan.<\/p>\n\n\n\n

SJM Holdings\u2019 corporate family rating was downgraded from Ba1 to Ba2<\/strong> while the senior unsecured rating on the notes issued by Champion Path Holdings Ltd and guaranteed by the casino company was downgraded to \u201cBa3\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Macau casino operator has reported a net loss of HKD4.14bn (US$530.3m) for the year.<\/p>\n","protected":false},"author":176,"featured_media":25400,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SJM Holdings reported a net loss of HKD4.14bn for 2021, primarily due to ongoing tourism disruptions from the Covid-19 pandemic, despite a 31.5% increase in Net Gaming Revenue. The partial opening of Grand Lisboa Palace contributed to Gross Gaming Revenue, but the company's financial challenges led Moody's to downgrade its credit ratings, citing delays in its refinancing plan.","focusai_entities":"SJM Holdings, Moody's Investors Service, Champion Path Holdings Ltd, Grand Lisboa Palace, The Lisboa Palace Hotel, Palazzo Versace Macau, Karl Lagerfeld Hotel","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"SJM Refinancing Strategy","query":"What specific challenges are SJM Holdings encountering in their refinancing plan, and what are the potential implications of the Moody's downgrade on their cost of capital and future liquidity?"},{"label":"Grand Lisboa Palace Outlook","query":"Given the partial opening of Grand Lisboa Palace, what is the projected ramp-up timeline for its GGR contribution, and how will its full operational capacity impact SJM's overall market share and profitability in Macau's evolving regulatory landscape?"}],"footnotes":""},"categories":[16338,163],"tags":[23906,23108],"class_list":["post-27679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-macau-casinos","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27679","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=27679"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27679\/revisions"}],"predecessor-version":[{"id":27688,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/27679\/revisions\/27688"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25400"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=27679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=27679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=27679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}