Macau (MNA) – SJM Holdings Limited announced on Wednesday a 25.8 per cent increase in profits during the first quarter ended March 31, 2018, amounting to HK$730 million, up from HK$580 million.
In its filing with the Hong Kong Stock Exchange, the company stated that the growth was mainly attributable to ‘an increase in mass market gross gaming revenue in self-promoted casinos.’
Net gaming revenue of HK$8.41 billion for the first quarter ended March 31, 2018, represented an increase of 6.7 per cent when compared to the same period last year, with the company noting that the group’s gross gaming revenue accounted for 14.7 per cent of Macau’s casino gaming revenue during the period under review.
Total net revenue of the company including gaming, hotel, catering, retail and related services amounted to HK$8.59 billion.
In particular, the company noted that its gross gaming revenue from its VIP business decreased slightly by 1.1 per cent amounting to HK$4.88 billion, while mass market gross gaming revenue grew 9.5 per cent to HK$5.74 billion.
VIP gaming hold percentage, before commission and incentives, was 2.47 per cent.
During the quarter, SJM operated a total of 284 VIP gaming tables, 1,417 mass market tables, and 2,700 slot machines.
Adjusted property EBITDA increased 17 per cent yearly to HK$987 million.
“We are very pleased that our efforts to strengthen mass market and VIP businesses, combined with cost controls, have resulted in material increases in SJM’s EBITDA and Net Profit during the first quarter,” Ambrose So, Chief Executive Officer of SJM Holdings Limited, was quoted as saying in the filing.
SJM has not anticipated any opening date for its latest property, the Grand Lisboa Palace, which has been subject to several delays, claiming only that the construction of the integrated resort on Cotai ‘continued to make progress on construction in Q1 2018.’
