SJM’s net losses double to HK$1.2 bln in Q1
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SJM Resorts’ losses attributable to shareholders have doubled to HK$1.2 billion (US$163.3 million) in the first quarter of this year when compared to the same period in 2021, the group’s latest unaudited financial report shows.
Although net revenue reported by the gaming operator managed to increase by 2.4 per cent year-on-year to HK$2.5 billion, SJM’s Adjusted EBITDA increased by half to HK$474 during the first three months of 2022.
During the same period, the Group’s VIP gross gaming revenue dropped by 29 per cent year-on-year to HK$344 million, while mass market gross gaming revenue remained almost unaltered at HK$2 billion.
Still, total gaming revenue increased 2.6 per cent to HK$2.3 billion, mainly thanks to a rise in slot machine revenue and a decrease in gaming commissions and incentives.
Capital expenditures of SJM during the first quarter amounted to HK$118 million, primarily for construction in progress and furniture, fixtures and equipment.
Gross revenue generated by the Grand Lisboa Palace between January and March reached HK$271 million, including gross gaming revenue of HK$156 million and non-gaming revenue of HK$115 million.
After adjusting for pre-opening expenses of HK$132 million – with the property having opened in July, 2021 – its Adjusted Property EBITDA was a negative HK$216 million.
During the same time, Grand Lisboa reported a 10.5 per cent reduction in its Adjusted Property EBITDA losses, some HK$128 million, while SJM’s 14 third-party managed satellite casinos reported a 29 per cent year-on-year rise in operation results to a positive HK$34 million.
However the group’s self-promoted properties Casino Lisboa, Casino Oceanus at Jai Alai – including gaming and non-gaming areas, Casino Eastern and Casino Taipa registered HK$104 million in operating losses.
