Posting its financial results for the year to December 31, 2017, Macau-based casino operator SJM Holdings reported gaming revenue of HK$41.3bn (€4.32bn), virtually unchanged from 2016, but profit (adjusted EBITDA) at flagship property Casino Grand Lisboa fell 5.1 per cent.
Overall earnings adjusted EBITDA) were also down, by 10 per cent to HK$3.07bn (€320m).
In the period, SJM had a 16.1 per cent share of Macau’s gaming revenue, including 20.8 per cent of mass-market table-gaming revenue and 13.6 per cent of VIP gaming revenue.
SJM confirmed construction of the Grand Lisboa Palace, the group’s integrated resort on Cotai, had continued in 2017 although progress was hit by both Typhoon Hato in August and a fire in September.
“The group is still striving for construction to complete by the end of 2018 in the absence of other unforeseen events and to seek the relevant licences to begin operation as soon as possible thereafter,” SJM said in a statement.
Dr Ambrose So, CEO of SJM Holdings, said: “Macau saw the beginning of a turnaround in its casino gaming market in 2017, and SJM has entered 2018 in a strong position.
“In spite of challenges that arose during the past year, we achieved substantial progress on construction of our Grand Lisboa Palace and we are still striving for construction to finish by the end of this year.
“In 2017 we also opened our Jai Alai Hotel, completing our entertainment complex at Oceanus at Jai Alai,” said So.
“We continue to be optimistic about the future of Macau and of SJM as a major contributor to Macau’s tourism industry.”