SJM losses widen to HK$647 million in Q1

SJM Holdings (880) has announced a total of HK$647 million in losses attributable to its owners, with total net revenues falling by 29% year-on-year to HK$2.4 billion in the first quarter.

VIP gross gaming revenue was HK$485 million, down 59.4% year on year; mass market gross gaming revenue was HK$2.05 billion, down 21.3%, and slot machine gross revenue was HK$116 million, a fall of 17.3%.

The gaming operator’s capital expenditure stood at HK$548 million in the first quarter, which was primarily used for construction of the Lisboeta.

The Lisboeta, SJM’s integrated resort on the Cotai Strip, has been completed and the project is undergoing final inspections by local government authorities. SJM expects to open the resort in the first half of this year.