SJM Holdings’ net gaming revenue fell 2.6 per cent year-on-year to HK$2.35 billion in the first quarter, the company announced on the Hong Kong Stock Exchange yesterday though this represented a near doubling of its losses – HK$ 1.28 billion – compared to the same period in 2021.
However, total net revenue grew 2.4 per cent to HK$2.54 billion, including hotel, catering, retail, leasing and related services revenue of HK$188 million. Adjusted EBITDA decreased 48.4 per cent to negative HK$474 million.
As of 31 March, the company had HK$1.75 billion of cash, bank balances, short-term bank deposits and pledged bank deposits, as well as HK$22.81 billion of debt.
SJM Holdings Vice-Chairman and CEO Ambrose So Shu Fai commented: “Inbound tourism is still being profoundly impacted by the Covid-19 pandemic.
“Given our confidence, however, in the eventual recovery of Macao tourism and SJM’s prospects for obtaining a new concession extending beyond 2022, we have continued to introduce additional elements in retailing and F&B at our new Grand Lisboa Palace in Cotai, whilst focusing on cost controls and efficiency.”
SJM, founded by the late gaming magnate Stanley Ho currently operates 21 of the 40 casinos in Macao.