• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 26 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
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
No Result
View All Result
IAG
No Result
View All Result

Pandemic challenges see SJM’s Grand Lisboa Palace open to US$54 million EBITDA loss in 2021

Ben Blaschke by Ben Blaschke
Mon 28 Feb 2022 at 20:14
SJM reveals eco-friendly features of new Cotai IR

Grand Lisboa Palace

31
SHARES
769
VIEWS
Print Friendly, PDF & Email

SJM’s Grand Lisboa Palace (GLP) recorded an Adjusted Property EBITDA loss of HK$423 million (US$54 million) in its first five months of operation, with revenues restrained by COVID-19 and the delayed launch of some key facilities.

Opened into the teeth of the pandemic on 30 July 2021, the HK$39 billion (US$5 billion) Cotai integrated resort produced gross revenue of HK$370 million (US$47 million) through 31 December 2021, of which HK$200 million (US$26 million) was GGR and HK$170 million (US$22 million) was non-gaming revenue. In the absence of any VIP operations, gaming revenue comprised HK$170 million (US$22 million) from mass gaming tables and HK$30 million (US$4 million) from slots, according to SJM’s 2021 results announcement.

The company told analysts on Monday’s earnings call that GGR at GLP had reached HK$161 million (US$21 million) in the December quarter although EBITDA loss also widened to HK$247 million (US$32 million), from HK$176 million  (US$22.5 million) in its two months of operations in Q3.

SJM also reported a 48.7% hotel occupancy rate, having opened with only one of its three hotels – the 1,350-room Grand Lisboa Palace Macau – accepting guests. The Karl Lagerfeld launched in December while the Palazzo Versace has been expected to open within the next month, although brokerage Bernstein said in a Monday note that this could now be delayed due to current COVID-19 outbreaks in Hong Kong and Guangdong Province.

GLP aside, SJM’s group-wide results showed year-on-year improvement in 2021, with GGR up 25.3% to HK$10.37 billion (US$1.33 billion) and Adjusted EBITDA loss of HK$1.58 billion (US$202 million) narrowed from a loss of HK$2.09 billion (US$267 million) in 2020.

The results included a 4.1% increase in GGR at peninsula property Grand Lisboa to HK$2.15 billion (US$275 million), while SJM’s other self-promoted casinos – Casino Lisboa, Casino Oceanus at Jai Alai, Casino Eastern and Casino Taipa – saw GGR rise 10.1% to HK$1.49 billion (US$191 million). Revenue at the 14 satellite casinos running under SJM’s license saw revenues up 34.4% year-on-year to HK$6.53 billion (US$836 million).

In line with Macau market trends, growth was driven by the mass market with group-wide mass GGR up 44.6% year-on-year to HK$8.47 billion (US$1.08 billion) and slot machine GGR up 41.6% to HK$537 million (US$69 million). VIP GGR fell 33.3% to HK$1.36 billion (US$174 million).

SJM said it has not recommended payment of a final dividend for FY21 with loss attributable to owners of the company widened by 37.0% to HK$4.14 billion (US$530 million) on additional costs.

RelatedPosts

Philippines casino GGR up 630% quarter-on-quarter in 3Q20

PAGCOR: Manila’s Entertainment City casinos suffered combined 5.7% GGR decline in FY24

Tue 8 Apr 2025 at 13:55
NagaWorld

GGR at Cambodia’s NagaWorld up 17.7% to US$171 million in 1Q25

Tue 8 Apr 2025 at 06:29
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
Load More
Tags: covid-19Grand Lisboa Palacegross gaming revenueMacaurevenueSJM Holdings
Share12Share2
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

No Result
View All Result
  • 中文
  • 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