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SJM confident of future despite first-quarter revenue drop to HK$2.35 billion

CEO points to expansion of retail and F&B at Grand Lisboa Palace as investment in Macao tourism and trust in obtaining new concession.

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CEO points to expansion of retail and F&B at Grand Lisboa Palace as investment in Macao tourism and trust in obtaining new concession.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 4:42 am

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.

 

UPDATED: 22 Dec 2023, 4:42 am

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