Operator News
China – SJM reports profit despite 33 per cent drop in revenue at Grand Lisboa
By Phil - 30 October 2019
SJM Holdings saw its profit increase by 4.5 per cent in Macau, year-on-year in the third quarter of 2019, although gaming revenue fell by 3.2 per cent.
Profit came in at HKD738m (US$94.1m) for the three months to September 30 with GGR coming in at HKD8.06bn.
GGR at the company’s flagship Casino Grand Lisboa fell by a huge 33 per cent to HK$2,799m. Construction of the Grand Lisboa Palace, the group’s integrated resort on Cotai, is nearing completion and the Group expects pre-operating government inspections to begin shortly.
During Q3 2019, the Grand Lisboa Hotel achieved an average occupancy rate of 91.3% and average room rate of HK$1,516 per night, as compared with average occupancy rate of 94.0% and average room rate of HK$1,458 per night in Q3 2018.
Dr. Ambrose So, Vice-Chairman and Chief Executive Officer of SJM Holdings Limited, said: “We are pleased to note that SJM has continued to show positive results in the recent quarter. In spite of challenges in the global economy, the revenues and earnings from our mass market gaming business have more than compensated for the uncertainties which are affecting VIP gaming in Macau. At the same time, we are completing construction of our Grand Lisboa Palace on Cotai, on which government inspection is due to begin shortly.”
