Macau legacy gaming concessionary SJM Holdings Ltd SJM reported FY22 financial results representing a loss of HK$7.8 billion (EUR 941.3 million) in 2022.
The loss was attributed to a 37.7% drop in game revenue due to multiple forced closures and significant cost of damage to property costs and closures.
Revenue fell to HK$6.46 billion (EUR 779.4 million), including a 64.2% drop in VIP gross gaming revenue (GGR) to HK$486 million (EUR 58.7 million), according to the report. The report also states that the mass market GGR fell 34.5% to HK$5.55 billion (EUR 669.5 million) and the slot GGR fell 22.5% to HK$416 million (EUR 50 million).
This resulted in an adjusted EBITDA loss of HK$3.1 billion (EUR 374 million) in 2022 from a loss of HK$1.58 billion (EUR 193 million) reported in 2021.
In a statement released with the results, SJM Holdings Chairman Daisy Ho said:
“2022 is also a milestone year, as we successfully tendered for a 10-year concession. With unwavering confidence in the future of Macau, we have committed to a MOP$14.0 billion (€1.68 billion) investment blueprint, out of which MOP$12 billion (€1.44 billion) has been earmarked for expanding international tourism and non-gaming tourism elements.
True to its purpose of protecting the unique heritage of Macau and innovating for the future, SJM will be combining our strategic tourism assets and network advantages to deliver an authentic and immersive Macau experience, to promote an ecosystem which supports all-rounded diversification across broad sectors of the economy, and to solidify Macau’s status as a world centre of tourism and leisure.” 카지노사이트
The report also segmented revenue from individual properties, with the recently opened Grand Lisboa Palace in Kotai posting revenue of HK$346 million (EUR 41.6 million), up 73% year-on-year. However, it should be noted that 2022 is the first year of operation on this property. Meanwhile, IR Grand Lisboa reported a 50.4% decrease in the GGR to HK$1.07 billion (EUR 128.7 million).