SJM Holdings reports $390m loss for 2020


SJM Holdings reports $390m loss for 2020

SJM Holdings has reported loss attributable to owners of the company of HK$3.03bn ($390m) for the full year 2020, a 194% year-on-year drop.

The operator’s net gaming revenue was HK$7.3bn, a 78% decrease, while adjusted EBITDA was negative HK$2.1bn, an almost 150% drop.

SJM held a 14% share of Macau’s gross gaming revenue (GGR), including 20% of mass market table gaming revenue and 8% of VIP gaming revenue.

Grand Lisboa, the company’s flagship casino, recorded an 84% decrease in GGR, to HK$2.1bn. The casino’s loss attributable to the group was HK$1bn, a 146% drop.

VIP operations earned HK$1.1bn, an 84% year-on-year decline, and mass market operation revenue dropped by 84%, to HK$857m.  

Grand Lisboa Hotel’s occupancy rate fell 76%. SJM also reported the construction of its integrated resort in Cotai, Grand Lisboa Palace, was completed and the opening scheduled for H1 2021.

SJM said: “The Group was severely impacted by the COVID-19 outbreak, which led to closure of Macau casinos for 15 days in February, as well as ongoing restrictions on entry from the Mainland, Hong Kong and other locations, curtailment of transportation channels and quarantine requirements.”