The third-quarter loss at Macau casino operator SJM Holdings Ltd declined by 78.4 percent year-on-year, to HKD410 million (US$52.5 million), versus a HKD1.90-billion loss in the prior-year period.
Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at HKD566 million for the three months to September 30, compared with a negative figure of HKD968 million a year earlier, the firm said in unaudited highlights filed with the Hong Kong Stock Exchange on Tuesday.
Group-wide total net revenue rose by 470.8 percent year-on-year, to just below HKD5.87 billion in the July to September period. Third-quarter net gaming revenue rose by 492.9 percent year-on-year, to HKD5.41 billion.
Daisy Ho Chiu Fung, chairman of SJM Holdings, was quoted in a separate press release as saying the quarterly update showed “continued growth in adjusted EBITDA and steady progress in the ramp-up of Grand Lisboa Palace.”
She added: “During the quarter, we continued our active support of the economic diversification of Macau through our investment and sponsorship of cultural, educational, gastronomic and sports activities.”
During the reporting quarter, SJM Holdings’ rolling gross gaming revenue (GGR) was HKD335 million, compared to HKD29 million in the prior-year period.
Non-rolling GGR for the period was just under HKD4.90 billion, an increase of 506.8 percent year-on-year. Electronic games GGR was HKD499 million, up 330.2 percent from a year ago.
Gross revenue at the group’s Cotai resort, Grand Lisboa Palace (pictured), stood at HKD1.08 billion in the third quarter, including GGR of HKD783 million and non-gaming revenue of HKD301 million.
Grand Lisboa Palace’s third-quarter adjusted property EBITDA was negative to the tune of HKD27 million, an improvement on the negative figure of HKD227 million a year earlier.
The group’s main casino hotel on Macau peninsula, Grand Lisboa, had third-quarter gross revenue of nearly HKD1.55 billion, via HKD1.47 billion in GGR and non-gaming revenue of HKD81 million.
Grand Lisboa’s adjusted property EBITDA was HKD373 million, compared with negative HKD223 million in the third quarter last year.
The group had HKD4.57 billion in cash, bank balances, short-term bank deposits, and pledged bank deposits. Debt stood at slightly below HKD28.30 billion as of September 30.
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