SJM Holdings experiences fall in 2016

The casino operator released its net profits results for 2016.

Macau.- SJM Holdings Ltd released on Tuesday its full year net profit results. The Macau-based company experienced a 5.6 percent fall to US$300 million, compared to the US$318 million registered during the same period a year before.

SJM’s annual adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) also fell 11.5 percent to US$440 million, whilst gambling revenue experienced a 14.5 percent decrease to US$5.3 billion. Furthermore, other revenues such as VIP gaming revenue and mass table gaming revenue were down with 20.5 percent and 8.7 percent respectively.

During a filling to the Hong Kong Stock Exchange the company also reported that the construction of its new casino resort in Cotai made substantial progress last year. Grand Lisboa Palace is expected to be completed around the last months of 2017, with an estimated opening date for the first semester of 2018.