SJM Holdings net gaming revenue falls 25 for H1 2022

SJM Holdings has published its unaudited consolidated interim H1 results, reporting significant losses and falls in revenue

SJM Holdings has published its unaudited consolidated interim H1 results, reporting substantial losses and falls inward revenue.

For H1 2022, add together aggroup revenue strike down year-on-year to HK$4.13bn (US$525.9m), representing a minify of 21%.

Net gaming revenue for H1 2022 amounted to HK$3.81bn, a fall down of 25%.

Adjusted EBITDA for the geological period stood at HK$1.17bn, a significant step-down of 131%. Meanwhile, loss attributable to owners of the fellowship was HK$2.75bn, compared to the previous year’s add up of HK$1.46bn, representing a swing music of 88%.

The account went on to schema the execution of SJM’s structured resort, The Grand Lisboa Palace.

After chess opening its doors inwards July 2021, The Grand Lisboa Palace reported receipts revenue of HK$417m, gross gaming revenue of HK$231m and non-gaming revenue of HK$186m.

As of 30 June 2022, SJM had HK$2.40bn inward cash, bank balances, short-term camber deposits and pledged bank building deposits, with HK$26.02bn of debt.

The companion went on to item the refinancing of its syndicated banking facilities, which included an HK$9bn term loan and an HK$10bn revolving credit, completed on 20 June 2022.

SJM Vice Chairman and CEO Dr Saint Ambrose So said: “Working helping hand inwards mitt with the community, we are doing our maximum to back up the Macau Government’s efforts to struggle Covid-19 spell at the same clip remaining loyal to our dedicated staff.

“We seem forward to successful involvement inward the tender for young Macau gaming concessions later this yr and to our continued presence in Macau for many years to come.”

The poor results amount as the Macau gaming manufacture struggles amid Covid-related closures and restrictions, with manufacture experts pessimistic near the near-term financial wellness of the sector.

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