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China – Grand Lisboa generates gross revenue in Q1 of HK$592m

By - 4 May 2022

Macau operator SJM Holdings saw net gaming revenue of the group in Q1 2022 was HK$2,350m, as compared with HK$2,412m in Q1 2021.

Adjusted EBITDA of the Group in Q1 2022 was negative HK$474m, as compared with negative HK$319m in Q1 2021.

Loss attributable to owners of the Company was HK$1,282m in Q1 2022, as compared with a loss HK$647m in Q1 2021. The Grand Lisboa Palace, the Group’s integrated resort on Cotai, opened its doors to the public on 30 July 2021. Gross revenue of Grand Lisboa Palace in Q1 2022 was HK$271m, including gross gaming revenue of HK$156m and non-gaming revenue of HK$115m. After adjusting for pre-opening expenses of HK$132m, its Adjusted Property EBITDA4 was negative HK$216m.

Grand Lisboa’s gross revenue in Q1 2022 was HK$592m including gross gaming revenue HK$551m and non-gaming revenue HK$41m, as compared with gross gaming revenue HK$585m and non-gaming revenue HK$36m in Q1 2021, whilst its Adjusted Property EBITDA was negative HK$128m, as compared with negative HK$143m in Q1 2021

Gaming revenue, net of commissions and incentives of HK$191m earned by SJM Resorts, a subsidiary of the company, was HK$2,350m in Q1 2022, a decrease of 2.6 per cent from Q1 2021.

During Q1 2022, the Group’s VIP gross gaming revenue was HK$344m, a decrease of 29.1 per cent from HK$485m in Q1 2021, mass market gross gaming revenue was HK$2,058m, an increase of 0.3 per cent from HK$2,051m, and slot machine gross gaming revenue was HK$139m, an increase of 19.5 per cent from HK$116m

Dr. Ambrose So, Vice-Chairman and Chief Executive Officer of SJM Holdings, said: “Inbound tourism is still being profoundly impacted by the COVID-19 pandemic. Given our confidence, however, in the eventual recovery of Macau tourism and in SJM’s prospects for obtaining a new concession extending beyond 2022, we have continued to introduce additional elements in retailing and F&B at our new Grand Lisboa Palace, whilst focusing on cost controls and efficiency.”

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