Inside Asian Gaming

IAG FEB 2021年2月 亞博匯 14 SJM’S NEW COTAI IR TIPPED FOR US$450 MILLION EBITDA BY 2023 澳博路氹新綜合度假村 將在2023年實現 4.5億美元的EBITDA 亞博匯早報 BREAKFAST BRIEFS FITCH RATINGS is forecasting SJM Holdings to generate EBITDA of HK$2 billion (US$258 million) at its new Macau integrated resort Grand Lisboa Palace in 2022, rising to HK$3.5 billion (US$450 million) by 2023, as the company begins its long-awaited quest to regain Macau market share. The HK$39 billion (US$5 billion) Grand Lisboa Palace – SJM’s first property in Macau’s modern-day gaming mecca of Cotai – is scheduled to finally open its doors in 1Q21 following a series of setbacks that have delayed launch for well over a year. And while the timing isn’t ideal given the ongoing impact of COVID-19, with Fitch estimating zero EBITDA through the rest of this year, the agency expects much more from SJM’s latest venture in the near future. “Fitch believes Grand Lisboa Palace will allow SJM to gain a foothold in Cotai and raise its market share,” it said. “We forecast Grand Lisboa Palace will have EBITDA of HK$2.0 billion with 330 tables by 2022 and HK$3.5 billion with 380 tables by 2023, which will be partially offset by slightly lower EBITDA at its existing properties due to table reallocation and business diverted to Grand Lisboa Palace.” Citing rivals' performance by comparison, “Wynn Palace, which opened in August 2016, had EBITDA of HK$5.0 billion (US$645 million) with 325 tables in 2019, and MGM Cotai, which opened in February 2018, had EBITDA of HK$2.4 billion (US$310 million) with 259 tables in 2019.” 惠譽國際評級 預計，隨著澳博控股開始為奪回 澳門市場份額而努力，其旗下新建的澳門綜 合度假村上葡京將於2022年產生近20億港幣 （2.58億美元）的EBITDA，至2023年則將增長 至35億港幣（4.5億美元）。 耗資390億港元（50億美元）的上葡京項目 是澳博在路氹金光大道的首個物業項目。在經 歷了系列挫折而延遲開業近一年左右後，預計 該酒店最終將於2021年第一季度正式開業。 儘管由於新冠疫情持續影響，該開業時機 並不理想。惠譽預計其今年餘下時間的EBITDA 為零，但其看好該物業在未來將會獲得更多收 益。 其稱：「惠譽相信上葡京將令澳博在路氹獲 得一席之地並提升其市佔率。」 「我們預計，至2022年，上葡京將坐擁330 張賭枱，EBITDA將達到20億港元；至2023年將 坐擁380張賭枱，EBITDA將達到35億港元。該增 長將與其現有物業的EBITDA萎縮部分抵消，因 賭枱重新分配及業務轉移至上葡京。 對比之下，「2016年8月開業的永利皇宮， 擁有325張賭枱，在2019年的EBITDA為50億港 元（6.45億美元）。2018年2月開業的美獅美高 梅，在2019年擁有259張賭枱，EBITDA為24億 港元（3.1億美元）。」