Gaming operator SJM Holdings ended the first three months of this year with a total of HK$647 million (US$83.3 million) in losses attributable to its owners, as expenses connected to the construction of the Grand Lisboa Palace continue to impact the group’s bottom line.
Overall SJM total net revenue’s decreased by 29 per cent year-on-year to HK$2.4 billion in the first quarter, ending with HK$319 million in negative Adjusted EBITDA after incurring HK$548 million in capital expenditures mostly related to the construction of its future Grand Lisboa Palace.
Construction of the Grand Lisboa Palace, the group’s first integrated resort on Cotai,
has been completed and the project is undergoing final inspections by local government authorities.
SJM anticipates the property will open until June of this year.
The gaming concessionaire also reported HK$2.4 billion in the first quarter of this year, a decrease of 29.2 per cent year-on-year, with HK$485 million coming from the VIP sector and HK$2 billion from the mass market.
The group cut the number of VIP tables by 41 to 177 by March, while increasing the number of mass-market gaming tables by 133 to 1,066.