impacted by the Covid-19 outbreak<\/a><\/em><\/strong>, which led to closure of Macau casinos for 15 days in February, followed by ongoing restrictions on entry from mainland China, Hong Kong and other locations.”<\/p>\n\n\n\nMass market gross table gaming revenue dropped 73.5 per cent, VIP gross gaming revenue (GGR) 81.6 per cent, and slot machine revenue by 59.2 per cent compared with the same period in 2019.<\/p>\n\n\n\n
The group is not expecting gaming revenue to return to 2019 levels in the current year due to the restrictions on travel imposed to fight Covid-19.<\/p>\n\n\n\n
Despite a minor easing of restrictions in late June, the mandatory quarantine requirement for those travelling between Hong Kong and Macau has been extended at least until September, and no date has been set to reintroduce the visa scheme for vistors from mainland China.<\/p>\n\n\n\n
The group said: \u201cWe expect that gross gaming revenues in Macau, as well as hotel, restaurant and other non-gaming activities that depend on tourism, will continue to be negatively impacted by Covid-19 for an indefinite period in the future.<\/p>\n\n\n\n
\u201cWe do not expect a return to our previous level of revenue during any part of 2020. In particular, it is not known when China\u2019s group and individual travel visas, which are critical to Macau\u2019s tourist flow, will be reinstituted on a national basis. Even after such visa resumption, moreover, it is not possible to predict whether there will be lingering economic effects and health concerns caused by Covid-19 that will affect our business for a longer period.\u201d<\/p>\n\n\n\n
The firm also revealed that its Cotai resort, Grand Lisboa Palace, which was finished in late 2019, is now undergoing the application and inspection process with the Macau Government to obtain the necessary operating permits. It is expected to open at the end of the year.<\/p>\n\n\n\n
The Grand Lisboa Palace has a floor area of 521,435 square metres. More than 90 per cent will be devoted to non-gaming facilities, with approximately 1,900 rooms, plus facilities for events, meetings and conferences, shopping, dining and entertainment.<\/p>\n\n\n\n
The firm estimates a total project cost of around HK$39 billion (US$5 billlion).<\/p>\n","protected":false},"excerpt":{"rendered":"
The group has posted losses of US$176.8 million for the first half of the year and revealed details about its Cotai integrated resort.<\/p>\n","protected":false},"author":2,"featured_media":8503,"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 US$176.8 million for H1, with gaming revenues plummeting 74.4% due to COVID-19 travel restrictions in Macau. The company does not anticipate a return to 2019 revenue levels this year, citing ongoing visa and quarantine challenges. Its new Cotai integrated resort, Grand Lisboa Palace, is undergoing final licensing and is expected to open by year-end.","focusai_entities":"SJM Holdings, Grand Lisboa Palace","focusai_location":"Macau, Hong Kong, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.75), compliance_legal (0.7), operator_casino (0.95), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Cotai Resort Impact","query":"What is the projected timeline for the Grand Lisboa Palace to achieve positive EBITDA contribution, considering the current travel restrictions and the high proportion of non-gaming facilities?"},{"label":"Macau Recovery Outlook","query":"How might the indefinite delay in reintroducing mainland China's group and individual travel visas impact SJM Holdings' capital structure and long-term market positioning in Macau?"}],"footnotes":""},"categories":[16338,163,158],"tags":[20778,257,23108],"class_list":["post-8500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","category-slider-home","tag-financial-results","tag-macau","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8500","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=8500"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8500\/revisions"}],"predecessor-version":[{"id":8510,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/8500\/revisions\/8510"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/8503"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=8500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=8500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=8500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}