SJM 2H22 loss doubles y-o-y
In the first half of 2022, SJM Holdings, parent company of casino operator SJM Resorts, S.A. (SJM), recorded a loss of HKD1,176 million in adjusted EDITDA, more than double the same period in the previous year.
The figure from first half of last year was HKD510 million.
The loss attributable to owners of the parent company was HKD2,757 million, as compared with a loss HKD1,466 million in the first half of 2021.
Net gaming revenue, meanwhile, was HKD3,811 million in the first half of 2022, as compared with HKD5,076 million in the first half of 2021. In terms of gross gaming revenue, SJM contributed to a 16% share of Macau’s gaming revenue, with 20.1% from mass market table games and 5.8% from VIP gross gaming revenue.
The Grand Lisboa Palace Resort, the holding company’s integrated resort on Cotai, opened its doors to the public on 30 July 2021. Gross revenue of the Grand Lisboa Palace was HKD417 million, including gross gaming revenue of HKD231 million and non-gaming revenue of HKD186 million.
After adjusting the pre-opening expenses of HKD250 million, its Adjusted Property EBITDA was negative HKD483 million, according to the holding company.
Another of the holding company’s properties, Grand Lisboa, made a gross revenue of HKD776 million, including gross gaming revenue of HKD705 million and non-gaming revenue of HKD71 million, as compared with gross gaming revenue of HKD1,198 million and non-gaming revenue of HKD80 million in the first half of 2021, whilst its Adjusted Property EBITDA was negative HKD374 million, as compared with negative HKD216 million in the first half of 2021.
The Grand Lisboa Palace Resort’s occupancy rate was 34.3% and average room rate was HKD920.
The Grand Hotel Lisboa’s occupancy rate decreased by 14.6% from the first half of 2021 to 47.8%. The average daily room rate decreased during the period by 9.3% to HKD643.
The holding company had HKD2,405 million in cash, bank balances, short-term bank deposits and pledged bank deposits and HKD26,023 million in debt as at June 30, 2022.
On June 20, 2022, the holding company completed a refinancing of its syndicated banking facilities, consisting of a HKD9-billion term loan and HKD10-billion in revolving credit.
Dr. Ambrose So, vice-chairman and Chief Executive Officer of SJM Holdings Limited, commented, “Working hand in hand with the community, we are doing our utmost to support the Macau government’s efforts to fight Covid-19 while at the same time remaining loyal to our dedicated staff. We look forward to successful participation in the tender for new Macau gaming concessions later this year and to our continued presence in Macau for many years to come.” AL
