SJM 1H revenue up 19.4%, gains from prior quarter

Grand-Lisboa-Palace

SJM Resorts said total net revenue rose 19.4 percent in the 1H21 from the same period the prior year, with the figure also improving sequentially from the prior quarter, led by mass market gaming.

The company reported six month net gaming revenue of HK$5.22 billion. For 1Q, it reported $2.48 billion, implying a 2Q result of $2.74 billion.

SJM said net gaming revenue was up 18.8 percent to $5.07 billion, while its adjusted EBITDA loss narrowed by 48 percent to $1.46 billion. The net loss was slightly wider at $1.46 billion.

Mass market revenue rose by 33.2 percent, while VIP gaming fell by 37.5 percent in the first half. The former monopoly had an 11.6 percent share of the total Macau gaming revenue, which splits into 15.6 percent for mass and 5 percent for VIP.

“SJM’s operating results in the first half of the year reflect the cautious reopening of Macau for tourism,” said Vice Chairman and CEO Ambrose So. “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.” 

The company opened its long-delayed Grand Lisboa Palace on the Cotai Strip on July 30, with 150 new to market tables. SJM plans to transfer 118 tables from its other properties for the $39 billion resort.