SJM Holdings net gaming revenue falls 25% for H1 2022

August 2, 2022 Macau Earnings & Filings Industry Updates

SJM Holdings has published its unaudited consolidated interim H1 results, reporting significant losses and falls in revenue.

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.