Operator News
China – SJM sees revenue, EBIDTA and profit all rise in first half
By Phil - 1 August 2018
Market share continued to slide for Macau’s once casino monopoly holder Sociedade de Jogos de Macao (SJM) although the company was buoyant in the first half of 2018 with profit up 57 per cent.
The group’s net gaming revenue, Adjusted EBITDA and profit attributable to owners of the company increased by 9.6 per cent, 29.9 per cent and 56.8 per cent, respectively, from the year-earlier period, whilst the Group’s Adjusted EBITDA Margin increased to 11.4 per cent from 9.6 per cent.
Mass market gross table gaming revenue of the group increased by 13.3 per cent and VIP gross gaming revenue showed an increase of 1.4 per cent during the first half of 2018, compared with the year-earlier period. During the same period, slot machine gross revenue increased by 12 per cent compared with the year-earlier period.
Sociedade de Jogos de Macao had a 15.1 per cent share of Macau’s gaming revenue, including 20.2 per cent of mass market table gross gaming revenue and 12.2 per cent of VIP gross gaming revenue.
The Group’s flagship Casino Grand Lisboa increased gross gaming revenue, Adjusted Grand Lisboa EBITDA and attributable profit by 8.1 per cent, 29 per cent and 41 per cent respectively, as compared with the year earlier period.
The occupancy rate of Hotel Grand Lisboa increased by three per cent from the year-earlier period to 96.3 per cent. Average daily room rate decreased during the period by 4.6 per cent to HK$1,503.
Construction of the Grand Lisboa Palace, the group’s integrated resort on Cotai, continued in 2018. The group is striving for construction to complete by the end of 2018 and to seek the relevant licenses to begin operation as soon as possible thereafter.
Dr. Ambrose So, Vice-Chairman and Chief Executive Officer of SJM Holdings Limited, said: “We are pleased that our results for the first half of the year showed material growth in Revenue, Adjusted EBITDA and Net Profit, while construction work on the Grand Lisboa Palace continued without interruption. Our Board has voted to declare an interim dividend of HK8 cents per share.”
