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China – SJM confirms tough 2016 by losing market share

By - 1 March 2017

The company that once held the monopoly for gaming in Macau; SJM Holdings saw its GGR, profit and market share all fall in 2016.

GGR dropped by 14.5 per cent over the year to HKD 41.3bn ($5.3bn), profit fell 5.6 per cent to HKD 2.3bn whilst market share dropped from 21.7 per cent in 2015 to 19.1 per cent last year.
It had a 22.7 per cent share of mass market table gaming revenue and 17.3 per cent of VIP gaming revenue. The operator reported that its VIP revenue dropped by 20.5 per cent, with mass market falling by 8.2 per cent and slots declining 6.4 per cent.

The Group’s flagship Casino Grand Lisboa had declines in gaming revenue, Adjusted Grand Lisboa EBITDA and attributable profit for the year of 14 per cent 18.2 per cent and 15.8 per cent, respectively although Grand Lisboa Hotel’s occupancy rate increased by 8.7 per cent to 91.7 per cent. One reason for the decline was less tables. The Grand Lisboa had 125 VIP tables at the end of 2016, 25 fewer than at the end of 2015.

Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said: “Although certain economic challenges for Macau’s casino gaming market continued throughout most of 2016, SJM enters 2017 in a strong position. We have achieved substantial progress on construction of our Grand Lisboa Palace, on schedule, and we will soon open the Jai Alai Hotel to complete our entertainment complex at Oceanus at Jai Alai. We remain optimistic about the future of SJM as a major contributor to Macau’s tourism industry.”

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