Covid-19 struggles continue at SJM as Q3 revenue falls 89.6%
Net gaming revenue for the three months to 30 September totalled HK$879m (£87.9m/€97.4m/US$113.4m), down from HK$8.24bn in the same period last year.
Gross gaming revenue was down 90.0% at HK$947m.
SJM said ongoing restrictions on entry from China’s mainland, Hong Kong and other locations, were the main reason for the decline, with the Chinese government only resuming issuing visas to Macau in late September.
Visitation also suffered from limited transport to the Special Administrative Region and Covid-19 quarantine requirements.
VIP gross gaming revenue fell 93.1% to HK$200m, while mass market gross gaming revenue was 89.1% lower at HK$690m. Slot machine gross gaming revenue was also down 80.8% year-on-year to HK$57m.
Gross gaming revenue from SJM’s flagship Casino Grand Lisboa property reached HK$176m, while the Casino Lisboa, Casino Oceanus at Jai Alai, Casino Eastern and Casino Taipa self-promoted properties generated HK$187m. Satellite casino gross gaming revenue amounted to HK$584m in the quarter.
SJM did not disclose its costs and spending for Q3, but did confirm that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at a loss of HK£782m, down 182.3% from a positive of HK$950m last year.
Total loss for the operator in Q3 amounted to HK$1.03bn, down 239.7% from a HK$738m profit in the same period in 2019.
In terms of how this impact SJM’s year-to-date performance, net gaming revenue for the nine months through to the end of September was 79.4% lower at HK$5.11bn. Gross gaming revenue was also 80.5% down at HK$5.84bn.
VIP gross gaming revenue was 84.8% lower at HK$1.57bn, while mass market gross revenue fell 78.7% to HK$4.0bn and slot machine gross revenue 66.6% to HK$292m.
Adjusted EBITDA was down 158.3% to HK$1.77bn, while total loss for the period was HK$2.44bn, down from a HK$2.42bn profit last year.