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SJM records HK$647 million loss in Q1

Gaming operator takes a hit, but remains determined about new super-luxury hotel opening and prospects for 2021.

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Gaming operator takes a hit, but remains determined about new super-luxury hotel opening and prospects for 2021.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 22 Dec 2023, 5:04 am

Gaming operator SJM Holdings, which owns 19 of Macao’s 41 casinos and three hotels, including the Grand Lisboa, has announced a loss of HK$647 million for the first quarter of this year.

This contrasts with the results for the first three months of 2020, which saw Macao’s first Covid-19 case, when SJM, a  Hong Kong-listed company, lost  HK$409 million, The Macau Post Daily reported. 

Total net revenue fell by 28.8 per cent to HK$2.47 billion in the first three months of 2021. Net gaming revenue dropped by 29.2 per cent to HK$2.41 billion. 

SJM’s gross gaming revenue accounted for 11.6 per cent of Macau’s casino gaming revenue in the first quarter, as compared with 13.3 per cent in the same quarter of last year. 

Sources at the company have said that it “anticipates” opening its 1,900-room Grand Lisboa Palace casino-hotel resort in Cotai, which will include wings by Karl Lagerfeld and Palazzo Versace, in the first half of this year. 

Vice-Chairman and CEO Ambrose So Shu Fai said: “SJM’s results recently have begun responding to the resumption of leisure travel to Macao, and we look forward to further gradual improvement in market conditions for the rest of 2021.”

 

UPDATED: 22 Dec 2023, 5:04 am

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