Net gaming revenue fell 29% to HK$2.41bn, and total net revenue for the three months dropped by 29% to HK$2.47bn.
The company’s revenue made up almost 12% of casino gaming revenue for Macau during the first quarter, compared to 13% recorded the previous year.
SJM's EBITDA was negative HK$319m, against negative HK$200m for Q1 2020. During the quarter, the group’s VIP GGR was HK$485, an approximate 59% year-on-year decrease. Mass-market table GGR fell by 21% to HK$2.05bn. Slot machine GGR stood at HK$116m, a 17% drop.
“SJM’s results recently have begun responding to the resumption of leisure travel to Macao,” said Ambrose So Shu Fai, vice-chairman and CEO. “And we look forward to further gradual improvement in market conditions for the rest of 2021.”
Despite the losses caused by the ongoing pandemic, the operator remains optimistic about the future. SJM plans to open its Grand Lisboa Palace property in Cotai as early as July.
According to brokerage firm Sanford C. Bernstein, only one of the three hotels in the venue will welcome guests and it will work at a limited capacity, offering the guests about 300 rooms. The organisation also plans to open 304 gaming tables in the venue, though Macau’s Government still hasn't given SJM the table allocation; in the past, the government’s table allocation was between 150 to 200 tables.
“We are sceptical this can be achieved at GLP,” said Bernstein specialists. “Competition on Cotai is very strong and product offering is very competitive. We do not expect GLP to even get a fair share on Cotai.”
