SJM profits up in Q1 despite gaming revenue fall

Holdings have announced a 3.3% rise in profit for the first quarter of 2017, despite a 5.5% gaming revenue decrease.

SJM’s profits increased to HKD 580m (US$74.5m), compared to HKD 561 million in the prior-year period, the company revealed in a Thursday filing to the Hong Kong Stock Exchange.

SJM’s gaming revenue dropped to just under HKD 10.4bn, with a total of 35.4% of the firm’s revenue coming from its flagship Macau property, Grand Lisboa.

Adjusted EBITDA for Q1 increased by 0.7% year-on-year, to HKD 843m.

Ambrose So Shu Fai, SJM’s Chief Executive, said: “SJM’s first-quarter results saw a resumption of growth in mass market gaming revenue, quarter-to-quarter and year-on-year, which resulted in an increase in adjusted EBITDA.”

The Grand Lisboa Palace, the company’s resort on Cotai, continued to make progress on construction in Q1 2017.