Macau operator SJM saw its market share fall 3.3% year-on-year in 1Q 2017, down to 16.9% during the first three months of the year from 20.2% 12 months earlier.
In total, SJM’s gaming revenue decreased by 5.3% for the first quarter to HK$10.4 billion from HK$11.1 billion in 1Q 2016. However, Adjusted EBITDA of the Group rose 0.6% to HK$843 million with Adjusted EBITDA Margin up to 8% from 7.5%.
Profit attributable to owners of the Company increased by 3.3% to
HK$580 million, mainly due to an increase in mass market gaming revenue.
SJM Holdings CEO Dr Ambrose So said, “SJM’s first quarter results saw a resumption of growth in mass market gaming revenue, quarter-to-quarter and year-on-year, which resulted in an increase in Adjusted EBITDA and an improvement in Adjusted EBITDA Margin for the period (exclusive of 4Q 2016 one-off items).
“Our Grand Lisboa Palace project on Cotai continues to make great progress and remains on budget.”
As reported by Inside Asian Gaming, Dr So announced last month that the full cost of completion for Grand Lisboa Palace would come in at around HK$36 billion. The company is yet to reveal its final strategy regarding mass v VIP for Lisboa Palace.
The Group’s VIP gaming revenue for 1Q17 came in at HK$4.9 billion, a decrease of 12% from HK$5.6 billion in 1Q16. Mass market gaming revenue was HK$5.2 billion, an increase of 1.9% from HK$5.1 billion.
During 1Q17, SHM Holdings operated an average of 315 VIP gaming tables, 1,375 mass market gaming tables and 2,549 slot machines.
