Gaming operator SJM finished 2020 with HK$3 billion (US$390.1 million) in net losses as net gaming revenue plunged by 78 per cent year-on-year to some HK$7.3 billion, the group’s most recent financial report noted.
SJM’s casinos VIP gross gaming revenue decreased by 85 per cent in 2020 to some HK$2 billion while mass market table gross gaming revenue decreased by 76.7 per cent year-on-year to HK$5.8 billion.
The number of VIP gaming tables in the group’s casinos was also reduced by almost half to 174, with 12 VIP promoters in partnership with the group.
The number of mass-market gaming tables operated by the group was also reduced by some 450 to 1,049, but mass-market table gaming operations increasing its percentage in the concessionaire’s gross gaming revenue from 62.8 to 70.8 per cent.
By the end of 2020 SJM held a 14.1 per cent share of Macau’s gross gaming revenue, including 19.7 per cent of mass market table gaming revenue and 8.0 per cent of VIP gaming revenue.
As for the opening of the group’s first Cotai property Grand Lisboa Palace, SJM noted that construction has been completed and the project is undergoing final inspections by local government authorities, with an opening to take place during the first half of 2021.
As of December 31, 2020, SJM had entered into capital commitments in connection with the Grand Lisboa Palace project with a total value of approximately HK$2.5 billion.
Cash outflows for operating activities and payment for the construction of the property also led to a 57.8 per cent year-on-year decrease in bank balances and cash in 2020 to some HK$6.1 billion
