• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 11 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

SJM Holdings falls to US$53 million loss in 1Q20 on COVID-19 impact

Ben Blaschke by Ben Blaschke
Tue 5 May 2020 at 18:19
Lack of Cotai presence stings as VIP decline sees SJM lose more market share in 2Q19
50
SHARES
1.1k
VIEWS
Print Friendly, PDF & Email

Macau concessionaire SJM Holdings Ltd fell to a loss of HK$409 million (US$52.8 million) in the three months to 31 March 2020, with the impact of COVID-19 resulting in a 62.2% decline in gross gaming revenue and 118.6% fall in Adjusted EBITDA.

With the group’s 22 Macau casinos having been closed for 15 days in February and subsequently impacted by tightened border restrictions, particularly between the Macau SAR and Guangdong Province, GGR for the quarter fell from HK$10.42 billion to HK$3.94 billion (US$508.2 million), with Adjusted EBITDA declining from HK$1.08 billion in 1Q19 to a loss of HK$200 million (a loss of US$25.8 million).

Profit attributable to owners of the company fell to a loss of HK$409 million from profit of HK$850 million (US$109.6 million) in the first quarter of 2019.

The VIP segment felt the greatest impact of the COVID decline, with GGR down 69.6% to HK$1.20 billion (US$154.8 million), while mass table GGR fell 57.9% to HK$2.61 billion (US$336.7 million) and slot GGR by 51.6% to HK$141 million (US$18.2 million).

At flagship property Grand Lisboa, GGR was down 65.6% to HK$3.52 billion (US$454.0 million) with Adjusted EBITDA falling to a loss of HK$16 million (negative US$2.1 million). The company’s self-promoted casinos – Casino Lisboa, Casino Oceanus at Jai Alai and Casino Taipa – produced GGR of HK$629 million (US$81.1 million) and EBITDA loss of HK$99 million (US$12.8 million) while satellite casinos produced HK$2.11 billion (US$272.2 million) in GGR and an EBITDA loss of HK$5 million (US$645,000).

The company said its share in Macau casino revenue for the quarter fell from 14.1% in 1Q19 to 13.3%.

“SJM’s first quarter results reflect the severe contraction in travel and tourism caused by the COVID-19 pandemic,” said SJM’s Vice Chairman and Chief Executive Officer, Dr Ambrose So.

“We are optimistic, however, about the potential for our market to begin recovering later this year, particularly given the successful policies of the Macau and Central Government authorities in controlling the outbreak.

“When the market resumes its growth, SJM of course will be a major contributor, and our participation will be enhanced by our exciting new resort, the Grand Lisboa Palace.”

SJM reiterated its expectation that Grand Lisboa Palace will open by late 2020.

RelatedPosts

Melco prices US$750 million Senior Notes offering

Melco locking in approval to fully complete US$500 million share repurchase program

Tue 8 Apr 2025 at 06:13
Macau GGR hits new post-pandemic high of MOP$20.8 billion in October

Macquarie: Arrest of Macau casino hosts could impact Macau mass and premium mass markets in coming months

Tue 8 Apr 2025 at 06:12
Analysts puzzled as combined market cap of Macau concessionaires falls back to 2022 COVID levels

Macau’s Hong Kong-listed gaming stocks all fall by more than 10% Monday on impact of US tariffs

Mon 7 Apr 2025 at 18:55
Macau visitor arrivals up 15% month-on-month to 3.3 million in February

Around 410,000 visitors entered Macau during the three-day Qingming Festival holiday

Mon 7 Apr 2025 at 12:32
Load More
Tags: Ambrose Socovid-19first quarterGGRGrand LisboaMacausatellite casinosSJM Holdings
Share24Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – The real reason Philippines casino revenues are down

Editorial – The real reason Philippines casino revenues are down

by Ben Blaschke
Sun 30 Mar 2025 at 23:04

After enjoying a post-COVID surge in gaming revenues at its licensed casinos, the Philippines has hit a rocky patch. In...

Inside Thai IRs

Inside Thai IRs

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:59

No time to read this whole article? Here are the bullet points! With passage of Thailand’s Entertainment Complex Bill through...

Resorts World Las Vegas – Lighting up the north

Resorts World Las Vegas – Lighting up the north

by Andrew W Scott and Ben Blaschke
Sun 30 Mar 2025 at 22:52

Inside Asian Gaming recently visited Genting’s American icon Resorts World Las Vegas to take a closer look at a property...

A baccarat perspective

A baccarat perspective

by Ryan Hong-Wai Ho
Sun 30 Mar 2025 at 22:37

In the first of a two-part series, Ryan Ho explores how gaming innovations and market changes have shaped the prominence...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

Bally’s Chairman Soo Kim talks after deal sealed to acquire Australia’s Star Entertainment

by Newsdesk
Wed 9 Apr 2025 at 06:16

Star Entertainment Group confirmed Monday it had entered into a binding term sheet with US casino operator Bally’s Corp to take control of the company as part of a US$300 million (US$180 million) deal. The term sheet, comprising a multi-tranche...

China-owned contractor of Chow Tai Fook’s Baha Mar ordered to pay US$1.6 billion to original owner for “many acts of fraud”

New York appellate court dismisses China Construction America’s appeal in US$1.6 billion Baha Mar fraud case

by Ben Blaschke
Wed 9 Apr 2025 at 05:59

A New York court has dismissed an appeal by China Construction America, Inc (CCA) against a Supreme Court ruling in October requiring it to pay US$1.6 billion to the original owner of Bahamas casino resort Baha Mar for committing “many acts...

Trade union warns massively increased casino pokies tax in NSW will cost jobs

Pub baron Bruce Mathieson agrees additional AU$100 million Star investment, reduces Bally’s contribution to AU$200 million

by Ben Blaschke
Wed 9 Apr 2025 at 05:40

Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process...

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

RWLV names former MGM executive Greg Shulman as EVP of International Marketing

by Newsdesk
Wed 9 Apr 2025 at 05:35

Genting Group’s US flagship Resorts World Las Vegas (RWLV) has announced the appointment of casino industry veteran Greg Shulman as Executive Vice President of International Marketing. Continuing the property’s recent management overhaul, RWLV said Shulman will lead its international casino...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語