SJM sees drop in casino revenues

Business | Tereza Cai 12 Nov 2019

SJM (0880) chairwoman Daisy Ho Chiu-fung expects Macau's casino revenues to decline in November due to external uncertainties, in addition to November having fewer holidays.

Macau's Gaming Inspection and Coordination Bureau saw an 8.5 percent year-on-year increase in casino revenue at 25 billion patacas (HK$ 24.27 billion) last November.

Ho said hotels under SJM had a satisfactory performance for room reservations in November, with an 80-90 percent occupancy rate, similar to last November's rate.

Grand Lisboa Palace, SJM's future integrated resort on Cotai, is expected to open in late 2020, said Ho, while the gaming tables and the casino licenses bid will depend on the Macau government's future announcement.

The group reported a net gaming revenue in the third quarter of HK$8.06 billion, a decrease of 3.2 percent from a year ago, and for the nine months ended 30 September 2019, net gaming revenue was HK$24.78 billion, a decrease of 1.6 percent from the first nine months of 2018.

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