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China – SJM sees first half revenue increase by 19 per cent

By - 4 August 2021

SJM Resort’s net gaming revenue in the first half of 2021 increased by 18.8 per cent to HK$5,076m from HK$4,272m in the year-earlier period, whilst Adjusted EBITDA improved by 48.2 per cent to a negative HK$510m from a negative HK$984m.

Loss attributable to owners of the company was HK$1,466n, 3.8 per cent greater than HK$1,412m in the year-earlier period. The group’s Adjusted EBITDA Margin was a negative 9.8 per cent compared with a negative 22.5 per cent for the year-earlier period.

Mass market gross table gaming revenue of the Group increased by 33.2 per cent and VIP gross gaming revenue showed a decrease of 37.5 per cent during the first half of 2021, compared with the year-earlier period. During the same period, slot machine gross revenue increased by 12.7 per cent compared with the year-earlier period.

SJM Resorts had a 11.6 per cent share of Macau’s gaming revenue, including 15.6 per cent of mass market table gross gaming revenue and five per cent of VIP gross
gaming revenue. The Group had cash, bank balances, short-term bank deposits and pledged bank deposits of HK$2,709m as at 30 June 2021.

Gross gaming revenue at the Group’s flagship Casino Grand Lisboa decreased by 9.7 per cent to HK$1,198n from HK$1,325n in the year-earlier period, whilst attributable loss improved by 48.3 per cent to a negative HK$231m from a negative HK$446m. Adjusted Casino Property EBITDA was negative HK$170m, a 54.1 per cent improvement from negative HK$369m in the year-earlier period.

The occupancy rate of Hotel Grand Lisboa increased by 43.6 per cent from the year-earlier period to 62.4 per cent. Average daily room rate decreased during the period by 60.1 per cent to HK$713. Subsequent to the first half of 2021, the Grand Lisboa Palace, the group’s integrated resort on Cotai, opened its doors to the public on 30 July 2021. In the initial phase opening, the resort offers luxury hotel rooms and suites, fine and casual dining, gaming, wellness and spa facilities and event spaces.

Dr. Ambrose So, Vice-Chairman and Chief Executive Officer of SJM Holdings Limited, commented: “SJM’s operating results in the first half of the year reflect the cautious reopening of Macau for tourism. We anticipate continued growth in the second half of 2021, and we are very pleased that our Grand Lisboa Palace Resort is now open to welcome the increasing flow of visitors.”

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