{"id":777003061,"date":"2023-03-07T12:56:54","date_gmt":"2023-03-07T15:56:54","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777003061"},"modified":"2026-04-23T00:00:55","modified_gmt":"2026-04-23T03:00:55","slug":"sjm-holdings-expects-to-record-us993m-loss-for-2022","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sjm-holdings-expects-to-record-us993m-loss-for-2022","title":{"rendered":"SJM Holdings expects to record US$993m loss for 2022"},"content":{"rendered":"\n

The increased loss is the result of additional impairment charges related to the refurbishment of its Jai-Alai property.<\/p>\n\n\n\n\n\n\n\n

Macau.- SJM Holdings<\/strong> has announced that it expects a loss of HKD7.8bn (US$993m) for 2022. The loss has been attributed to impairment charges made to rationalise and reassess the group\u2019s casino business.<\/p>\n\n\n\n

In a filing with the Hong Kong Stock Exchange, SJM Holdings reported that an impairment charge of HK$1.21bn<\/strong> included the cost of refurbishments made to the Jai-Alai Building over several years. An additional impairment charge of HK$4.7m relates to the closure of five third-party-owned and two self-promoted casinos.<\/p>\n\n\n\n

SJM Resorts took steps during 2022 to rationalise its portfolio of gaming properties<\/strong> to improve operational efficiency in preparation for its new gaming concession. Casino Babylon, Casino Diamond, Casino Golden Dragon, Casino Million Dragon and Casino Royal Dragon and the self-promoted casinos Casino Eastern and Casino Taipa were closed on 27 December 2022.<\/p>\n\n\n\n

The casino operator has recently signed a new lease agreement<\/a> with <\/strong>co-chair and managing director Angela Leong On Kei<\/strong> to lease spaces at the Jai Alai Oceanus complex <\/strong>until the end of 2025.<\/p>\n\n\n\n

SJM Holdings\u2019 results for the year ending 31 December 2022 are expected to be announced on March 9. In 2021, the company reported a full-year loss<\/a> of HK$D4.14bn (US$530.3m) for 2021, compared with a loss of HK$3.03bn for 2020. Net gaming revenue in 2021 increased by 31.5 per cent year-on-year to nearly HKD9.61bn.<\/p>\n","protected":false},"excerpt":{"rendered":"

The increased loss is the result of additional impairment charges related to the refurbishment of its Jai-Alai property.<\/p>\n","protected":false},"author":176,"featured_media":17023,"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 anticipates a significant HKD7.8bn (US$993m) loss for 2022, primarily driven by substantial impairment charges related to the refurbishment of its Jai-Alai property and the closure of seven casinos. This strategic rationalisation of its gaming portfolio aims to enhance operational efficiency ahead of its new gaming concession. The company's full-year results are expected on March 9, following consecutive losses in previous years.","focusai_entities":"SJM Holdings, SJM Resorts, Angela Leong On Kei, Hong Kong Stock Exchange, Casino Babylon, Casino Diamond, Casino Golden Dragon, Casino Million Dragon, Casino Royal Dragon, Casino Eastern, Casino Taipa","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Impact on Balance Sheet?","query":"What is the projected impact of these impairment charges on SJM Holdings' balance sheet and future capital expenditure plans?"},{"label":"Portfolio Rationalisation Benefits?","query":"How will the rationalisation of SJM's casino portfolio enhance its competitive positioning and operational leverage under the new gaming concession?"}],"footnotes":""},"categories":[16338,163],"tags":[23108],"class_list":["post-777003061","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003061","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=777003061"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003061\/revisions"}],"predecessor-version":[{"id":777003092,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777003061\/revisions\/777003092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17023"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777003061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777003061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777003061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}