Good morning. SJM must be yearning for a return to its glory days, as 2022 was another shocker – with the company seeing a $933 million loss as its Cotai Strip property results continued to disappoint. Also in Macau, courts have set the sentencing date for junket group Tak Chun for April 21st after hearing closing arguments. Brighter news in South Korea, as COVID testing requirements for Macau, Hong Kong and China travelers will be lifted on Saturday.

Your Daily Asia Gaming eBrief: SJM confirms $993 million FY22 loss

What you need to know

  • SJM continued to have a bad run in 2022, with poor results from its Grand Lisboa Palace property contributing to a FY22 loss of $993 million.
  • Macau courts have heard the closing arguments in the junket case against Tak Chun, setting sentencing for April 21st.
  • South Korea is going to finally be lifting its COVID testing requirements for travelers from Macau, HK and China on March 11th.

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SJM confirms $993 million loss for FY22

Major drops in VIP and a slowdown in its mass market revenues led Macau legacy gaming operator SJM to confirm a $993 million loss for 2022. The sluggish results from its Cotai Strip property, the Grand Lisboa Palace, contributed to a negative adjusted EBITDA of $394 million. Macau’s new view on VIP operators and satellite casinos also contributed to the group’s downturn.

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