For H1 2022, total group revenue fell year-on-year to HK$4.13bn (US$525.9m), representing a decrease of 21%.

Net gaming revenue for H1 2022 amounted to HK$3.81bn, a fall of 25%.

Adjusted EBITDA for the period stood at HK$1.17bn, a significant decrease of 131%. Meanwhile, loss attributable to owners of the company was HK$2.75bn, compared to the previous year’s total of HK$1.46bn, representing a swing of 88%.

The report went on to outline the performance of SJM’s integrated resort, The Grand Lisboa Palace.

After opening its doors in July 2021, The Grand Lisboa Palace reported gross revenue of HK$417m, gross gaming revenue of HK$231m and non-gaming revenue of HK$186m.

As of 30 June 2022, SJM had HK$2.40bn in cash, bank balances, short-term bank deposits and pledged bank deposits, with HK$26.02bn of debt.

The company went on to detail the refinancing of its syndicated banking facilities, which included an HK$9bn term loan and an HK$10bn revolving credit, completed on 20 June 2022.

SJM Vice Chairman and CEO Dr Ambrose So said: “Working hand in hand with the community, we are doing our utmost to support the Macau Government’s efforts to fight Covid-19 while at the same time remaining loyal to our dedicated staff.

“We look forward to successful participation in the tender for new Macau gaming concessions later this year and to our continued presence in Macau for many years to come.”

The poor results come as the Macau gaming industry struggles amid Covid-related closures and restrictions, with industry experts pessimistic about the near-term financial health of the sector.