Friday, February 23, 2024
HomeNewsMacauSJM 3Q GGR up 171%, with first contribution from Lisboa Palace

SJM 3Q GGR up 171%, with first contribution from Lisboa Palace


SJM Holdings said 3Q21 gross gambling revenue jumped 171 percent from last year, with its Grand Lisboa Palace contributing to group results for the first time.

GGR was HK$2.46 billion, up from $947 million a year earlier, but down 14 percent from the prior quarter. Its EBITDA loss narrowed to $460 from $782 million.

The company said its loss attributable to owners of the company widened to $1.25 billion from $1.03 billion.

Bernstein Research said the results were above consensus expectations and better than the overall market, but breakeven for the new IR remains a long way off.

SJM opened its $37.8 billion Grand Lisboa Palace on July 30th. Gross revenue for the resort in the final two months of the quarter was $128 million, split between $69 million in gaming revenue and $59 million in non-gaming revenue.

In comparison, its existing property, the Grand Lisboa, had gross revenue of $651 million, with the vast majority – $607 million – coming from its casino operations.

SJM, the former monopoly holder in Macau has been losing market share as the centre for gaming and tourism has shifted to the Cotai strip. The opening of the Grand Lisboa Palace, the last property scheduled on Cotai, is expected to help the company to redress the balance.

Bernstein said in the latest quarter, SJM’s share improved to 13.5 percent from 11.6 percent in the prior quarter.

Grand Lisboa Palace had an adjusted property EBITDA loss of $176 million, while the Grand Lisboa was negative to the tune of $115 million.

During the quarter VIP GGR jumped 61.8 percent to $324 million. Mass market revenue was up 190 percent to $2.0 billion and revenue from its slot operations gained 143.7 percent to $140 million.

“The third quarter of 2021 marked a major milestone in SJM’s history with the opening on 30 July of our Grand Lisboa Palace on Cotai,” CEO Ambrose So said. “Our operating results for the quarter and year-to-date registered improvements over 2020, although SJM continued to be impacted by the COVID-19 pandemic that severely interrupted visitor flow to Macau.”

“Nevertheless, with our new products, including a complete array of non-gaming activities, and the talents of our loyal staff, we are confidently poised to participate fully in Macau’s recovery in the coming years.” 

Sharon Singleton
Sharon Singleton
Sharon Singleton is a multi-media reporter with experience ranging from website management to reporting and editing for newspapers, news agencies and television. As Managing Editor she's been working with Asia Gaming Brief since 2013 and her specialties are: Business, current affairs, fluent in Italian, French, with working knowledge of Spanish.