Operators reports a 148 per cent year-on-year drop in net profits due in part to the ongoing Coronavirus crisis. <\/p>\n\n\n\n\n\n\n\n
Macau.- Gaming operator SJM Holdings Limited<\/strong><\/em> has reported a 148 per cent year-on-year drop in net profits to a loss of HK$409 million (US$52.7million) for the first quarter of the year.<\/p>\n\n\n\n According to its latest financial report, total net revenue plunged 60 per cent year-on-year to HK$3.47billion (US$447million).<\/p>\n\n\n\n Adjusted EBITDA decreased 118.6 per cent year-on-year to a HK$200million (US$ 5million) loss, with gross gaming revenues generated by SJM casinos falling 60 per cent to HK$3.40billion (US$438million).<\/p>\n\n\n\n SJM\u2019s VIP gross gaming revenue was 70 per cent year-on-year to HK$1.19billion (US$153million) and mass-market gross gaming revenues dropped 58 per cent to HK$2.60billion (US$335million).<\/p>\n\n\n\n “First quarter results of the Group were severely impacted by the Covid-19 outbreak, which led to the closure of Macau casinos for 15 days in February, as well as ongoing restrictions on entry from the Mainland, Hong Kong and other locations, curtailment of transportation channels and quarantine requirements,” SJM\u2019s Executive Director, Daisy Ho, said.<\/p>\n\n\n\n “The Covid-19 outbreak will continue to have a material effect on the Group\u2019s operating results in 2020 and possibly beyond, the extent of which depends on future conditions and developments, including the progress of the outbreak, the lifting or extension of protective measures and the overall condition of the regional economy.”<\/p>\n\n\n\n By the end of the first quarter of this year, SJM operated an average of 218 VIP gaming tables, 933 mass-market gaming tables and 1,595 slot machines.<\/p>\n","protected":false},"excerpt":{"rendered":" Operators reports a 148 per cent year-on-year drop in net profits due in part to the ongoing Coronavirus crisis.<\/p>\n","protected":false},"author":2,"featured_media":0,"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 Limited reported a 148% year-on-year drop in net profits, resulting in a HK$409 million loss for Q1, alongside significant declines in total net revenue and GGR across VIP and mass-market segments. This severe financial downturn is attributed primarily to the COVID-19 pandemic, which led to casino closures and ongoing travel restrictions in Macau. The company anticipates continued material effects on its operating results throughout 2020 and potentially beyond.","focusai_entities":"SJM Holdings Limited, Daisy Ho","focusai_location":"Macau, Hong Kong, Mainland","focusai_target_profile":"ceo_executive (1.0), regulator (0.8), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (1.0)","focusai_suggestions":[{"label":"SJM Liquidity & Debt?","query":"What is SJM Holdings' current liquidity position and its exposure to debt covenant breaches given the sustained operational losses and revenue decline?"},{"label":"Macau Market Share Impact?","query":"How does SJM's Q1 performance compare to other Macau concessionaires, and what are the implications for potential market share shifts in the post-pandemic recovery?"}],"footnotes":""},"categories":[160,16338,163],"tags":[12436,257],"class_list":["post-6187","post","type-post","status-publish","format-standard","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-casinos","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6187","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=6187"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6187\/revisions"}],"predecessor-version":[{"id":777010386,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/6187\/revisions\/777010386"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=6187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=6187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=6187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}