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China – SJM’s first quarter profit almost halved

By - 6 May 2015

Macau’s one time sole license holder SJM Holdings saw its first quarter profit plunge by 46.5 per cent, to HKD1,004m (US$129m) with GGR falling a 37.3 per cent.

Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said: “Challenges in the economic environment for Macau gaming persisted in the first quarter of 2015. With an optimistic view of the future of Macau, however, SJM is committed to maintaining our leadership position that we have established on Macau Peninsula whilst proceeding ahead with construction of the Lisboa Palace on Cotai for completion in 2017.”

SJM generated GGR of HKD14.28bn in the first three months of 2015 saying the decrease ‘was in line’ with the current trend in Macau. The Group’s gaming revenue accounted for 22.7 per cent of Macau’s casino gaming revenue during the first quarter of 2015, as compared with 23 per cent in the first quarter of 2014.

During the first quarter of 2015, the first full year of construction was completed on the Lisboa Palace, the Group’s integrated resort on Cotai which is planned for completion in 2017.
Earnings after adjustment for non-controlling interests and before accounting for interest income and expense, tax, depreciation and amortisation, donations, loss on disposal/write-off of property and equipment and sharebased payments Adjusted EBITDA divided by total revenue.

The Group’s VIP gaming revenue was HK$7,922m, representing a decrease of 45.4 per cent, mass market gaming revenue was HK$6,048m, marking a decrease of 23.9 per cent from HK$7,948m, and slot machines revenue was HK$311m, a decrease of 5.6 per cent. The group operated an average of 530 VIP gaming tables, up from 582 the previous year, 1,209 mass market gaming tables, up from 1,195 and 2,793 slot machines, down from 2,971.

Total VIP chips sales for the Group during Q1 2015 were HK$247.2bn, down from HK$537. During the accounting period, the Grand Lisboa Hotel achieved an average occupancy rate of 81.4 per cent and average room rate of HK$2,509 per night, as compared with average occupancy rate of 95.8 per cent and average room rate of HK$2,385 in Q1 2014.

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