• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 28 January 2023
    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
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    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
      • Vietnam
    • Events
    • Consulting
    • Contributors
    • SUBSCRIBE FREE
    No Result
    View All Result
    IAG
    No Result
    View All Result

    SJM Holdings accrues US$352 million loss in six months to June 2022

    Ben Blaschke by Ben Blaschke
    Mon 1 Aug 2022 at 19:11
    SJM to transfer 1,000 employees from Grand Lisboa to new Cotai IR

    SJM’s Grand Lisboa Palace.

    13
    SHARES
    336
    VIEWS
    Print Friendly, PDF & Email

    Macau casino concessionaire SJM Holdings has reported a loss attributable to owners of the company of HK$2.76 billion (US$352 million) for the six months to 30 June 2022 – 88.1% higher than the HK$1.47 billion (US$187 million) loss during the same period in 2021.

    It also meant loss for the June quarter was HK$1.48 billion (US$189 million), representing a 15.6% increase over 1Q22 as Macau’s COVID-19 situation continues to worsen.

    SJM’s H1 results included a 20.9% year-on-year decline in net revenue to HK$4.13 billion (US$526 million) and 26.1% decline in gross gaming revenue to HK$4.07 billion (US$518 million), while Adjusted EBITDA loss more than doubled from HK$510 million (US$65 million) to HK$1.18 billion (US$150 million).

    Compared with the March quarter, GGR fell 39.8% to HK1.53 billion (US$195 million).

    By property, peninsula IR Grand Lisboa reported GGR of HK$705 million (US$90 million) for the first six months of the year, down 41.1% year-on-year but still substantially higher than SJM’s new Cotai integrated resort, Grand Lisboa Palace, where GGR reached just HK$231 million (US$29 million).

    The company’s self-promoted casinos suffered a 5.8% year-on-year decline in GGR to HK$674 million (US$86 million) while satellite casinos saw a 29.9% decline to HK$2.46 billion (US$313 million).

    With much being made of SJM’s financial status in recent months, the company said it currently boasts bank balances and cash amounting to HK$2.26 billion (US$288 million). Liabilities include outstanding bank loans totalling HK$15.3 billion (US$1.95 billion) plus senior notes and convertible bonds of HK$10.7 billion (US$1.36 billion). However, it said only 1% of those liabilities are due within the next year and another 3% within two years with 58% due inside five years.

    Assessing Macau’s short-term prospects, SJM said, “We expect that gross gaming revenues in Macau, as well as hotel, restaurant and other non-gaming activities that depend on tourism, will continue to be negatively impacted by COVID-19 for an indefinite period in the future.

    “As certain travel restrictions are likely to be gradually lifted, given the increasing level of vaccination throughout the region, we are cautiously optimistic that visitation and spending will respond positively. However, we do not expect a return to our pre-pandemic level of revenue during 2022.

    “Even after travel restrictions are lifted, moreover, it is not possible to predict whether there will be lingering economic effects and health concerns caused by COVID-19 that will affect our business for a longer period.”

    RelatedPosts

    G2E Asia to forge ahead with July dates for 2020 trade show

    G2E Asia to return in 2023 with two shows in Singapore and Macau

    Fri 27 Jan 2023 at 15:25
    London calling

    Sands China expecting positive return on multi-billion dollar Macau non-gaming commitment

    Fri 27 Jan 2023 at 07:23
    IAG names The Parisian Macao as venue for 2020 Asian Gaming Power 50 Gala Dinner

    Analysts upgrade Las Vegas Sands on positive Macau, Singapore performance

    Fri 27 Jan 2023 at 06:44
    On the Run by Andrew W Scott, the IAG CEO Vlog

    On the Run by Andrew W Scott, the IAG CEO Vlog

    Thu 26 Jan 2023 at 17:46
    Load More
    Tags: covid-19EbitdaGrand LisboaGrand Lisboa Palacegross gaming revenueMacauSJM Holdings
    Share5Share1
    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: Want to attract foreigners? Make Macau the poker capital of Asia

    Editorial: Want to attract foreigners? Make Macau the poker capital of Asia

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:39

    In what has become a point of widespread debate, the Macau SAR Government has called on its gaming concessionaires to...

    Singapore swing

    Singapore swing

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:32

    Having previously established itself as the gold standard in the operation and regulation of integrated resorts in Asia following the...

    Flying high

    Flying high

    by Ben Blaschke
    Wed 4 Jan 2023 at 11:25

    Having endured a hectic three years at Marina Bay Sands which saw him promoted to Chief Operating Officer while dealing...

    Coming together

    Coming together

    by Newsdesk
    Wed 4 Jan 2023 at 11:21

    On 1 August 2022, Singapore officially inaugurated a new gambling regulator, the Gambling Regulatory Authority (GRA), replacing the former Casino...

    Softswiss
    Evolution Asia
    Aristocrat
    Solaire
    Solaire
    Beter
    Beter
    IGT

    Related Posts

    G2E Asia to forge ahead with July dates for 2020 trade show

    G2E Asia to return in 2023 with two shows in Singapore and Macau

    by Ben Blaschke
    Fri 27 Jan 2023 at 15:25

    Industry trade show G2E Asia will return not once but twice in 2023, with “G2E Asia Special Edition: Singapore” to take place at Marina Bay Sands from 30 May to 1 June followed by the “Asian IR Expo + G2E...

    London calling

    Sands China expecting positive return on multi-billion dollar Macau non-gaming commitment

    by Ben Blaschke
    Fri 27 Jan 2023 at 07:23

    Sands China executives said Thursday they are confident that the company’s capital commitment of up to US$4.5 billion into Macau over the next 10 years, most of which will be for non-gaming attractions, can generate positive returns. The commitment, which guarantees...

    IAG names The Parisian Macao as venue for 2020 Asian Gaming Power 50 Gala Dinner

    Analysts upgrade Las Vegas Sands on positive Macau, Singapore performance

    by Ben Blaschke
    Fri 27 Jan 2023 at 06:44

    Analysts have upgraded their estimates for Las Vegas Sands (LVS) after the company reported strong recovery indicators during this week’s 4Q22 results release and earnings call. The improved sentiment was largely driven by the reopening of Macau’s borders on 8...

    We’re Back!

    Skycity names former Tabcorp CEO David Attenborough as non-executive director

    by Newsdesk
    Fri 27 Jan 2023 at 06:40

    New Zealand’s Skycity Entertainment Group has announced its intention to appoint former Tabcorp Managing Director and CEO David Attenborough as a non-executive director, pending regulatory approvals. In a Friday morning filing, Skycity said Attenborough would join the Board of Directors...

    IAG

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.

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

    No Result
    View All Result
    • Subscribe
    • Newsfeed
    • Mag Articles
    • Video
    • Opinion
    • Tags
    • Regional
    • Events
    • Contributors
    • Consulting
    • Magazines
    • Advertise
    • Contact
    • About

    © 2005-2023
    Inside Asian Gaming.
    All rights reserved.