SJM Q3 profit plummets on revenue slide, casino closures

Macau casino operator SJM Holdings (0880) said its net profit plunged 91 percent in third-quarter net profit to HK$9 million, facing decreased revenue and the ongoing closure of its satellite casino network.

The company's adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) fell 15 percent year-on-year to HK$881 million, according to a filing yesterday 

Net gaming revenue slid 6.6 percent to HK$6.54 billion for the quarter. 

SJM's net loss for the first nine months widened 184 percent to HK$173 million.

The group, at the government’s request, terminated Casino Grandview in July and Casino Emperor Palace last month, with seven more slated for closure before year-end. 

The filing also shows HK$3.5 billion in cash and equivalents with a debt of HK$27.3 billion as of September.