SJM Holdings, the concessionaire for the Chinese territory of Macau reported a rise in its net revenue for H1 of 2018.
The net revenue for the group rose 9.7%, whereas the net gaming revenue for the group increased 9.6%.
Dr. Ambrose So, Vice-Chairman and Chief Executive Officer of SJM Holdings Limited commented on the group’s strong performance: “We are pleased that our results for the first half of the year showed material growth in Revenue, Adjusted EBITDA and Net Profit, while construction work on the Grand Lisboa Palace continued without interruption. Our Board has voted to declare an interim dividend of HK8 cents per share.”
Outlining its highlights in the past financial year, it detailed:
- The Group’s net gaming revenue, Adjusted EBITDA and profit attributable to owners of the Company increased by 9.6%, 29.9% and 56.8%, respectively, from the year-earlier period, whilst the Group’s Adjusted EBITDA Margin increased to 11.4% from 9.6%.
- Mass market gross table gaming revenue of the Group increased by 13.3% and VIP gross gaming revenue showed an increase of 1.4% during the first half of 2018, compared with the year-earlier period. During the same period, slot machine gross revenue increased by 12.0% compared with the year-earlier period.
- Sociedade de Jogos de Macau, S.A. (‘‘SJM’’) had a 15.1% share of Macau’s gaming revenue, including 20.2% of mass market table gross gaming revenue and 12.2% of VIP gross gaming revenue.
- The Group maintained a strong financial position with cash, bank balances and pledged bank deposits of HK$21,915 million as at 30 June 2018.
- The Group’s flagship Casino Grand Lisboa increased gross gaming revenue, Adjusted Grand Lisboa EBITDA and attributable profit by 8.1%, 29.0% and 41.0%, respectively, as compared with the year earlier period.
- The occupancy rate of Hotel Grand Lisboa increased by 3.0% from the year-earlier period to 96.3%. Average daily room rate decreased during the period by 4.6% to HK$1,503.
- Construction of the Grand Lisboa Palace, the Group’s integrated resort on Cotai, continued in 2018. The Group is striving for construction to complete by the end of 2018 and to seek the relevant licenses to begin operation as soon as possible thereafter.