SJM reports revenue decline
The casino company SJM Holdings has reported a 0.7% gaming revenue decline in the first half of the year.
Macau.- SJM Holdings has reported its latest financial results, which detail the operations from the company in the first six months of the current year. In the report, SJM shows that gaming revenue declined 0.7% in the first half of the year.
The company informed these numbers in a statement to the Hong Kong Stock Exchange. SJM Holdings said that total gaming revenue reached the €241 million mark. Total revenue fell 0.7% to €1.93 billion, down from the €1.97 billion registered during the same period a year ago.
Adjusted EBITDA increased 6.1% to €237.5 million, and net profit rose 12.1% to €191.6 million during the six-month period. The company also said that it holds a 14.1% share of Macau’s total gaming revenue.
Dr Ambrose So, vice-Chairman and CEO of SJM, said: “We are pleased that our results for the first half of the year showed decent increases in Adjusted EBITDA and Net Profit, while construction of our Grand Lisboa Palace project nears completion. Our Board has voted to declare an interim dividend of HK8 cents per share.”
Moreover, VIP gaming operations totalled 36.5% of the company’s total gross gaming revenue. Last year, SJM had registered a 45.2%. At the end of the first half of the year, ended June 30, the company was operating 295 VIP gaming tables with 17 VIP promoters. In the previous six-month period, the company operated 287 VIP gaming tables but 19 VIP promoters.
Cotai casino, further delayed
SJM Holdings revealed it has pushed back the completion date for its Cotai casino once again. The Grand Lisboa Palace resort is now expected to open near March next year. The announcement caused the company’s stock to drop over 5% in Hong Kong trading on that same day and a further 2.8% three days later.
SJM Holding’s gaming concession in Macau will expire next year. The company’s Board Chairman Ambrose So Shu Fai said that he is looking forward to getting its continuation. The Chairman talked about the gaming concession in a speech at SJM’s traditional Chinese New Year’s Eve gala dinner at the Grand Lisboa, Macau News reported. He also discussed the completion of SJM’s Grand Lisboa Palace in Cotai.
“We look forward to the continuation of our gaming concession, joining hands with the government and the people of Macau in creating a new chapter in the city’s growth story – in economic prosperity, social stability and community development,” So said.
