Macau casino operator SJM’s H1 net loss narrowed 54.1% on year

 

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Macau casino operator SJM’s first-half net loss narrowed by 54.1% to HK$1.26 billion in the first half of this year from a year ago as visitors jumped after mainland China’s borders reopened.

Adjusted earnings before interest, taxes, depreciation, and amortization for the period reached HK$461 million, compared to negative HK$1.18 billion a year ago. Total net revenue reached HK$9.36 billion, of which, net gaming revenue amounted to HK$8.7 billion, both surging more than 126% from a year earlier.

The occupancy rate of Grand Lisboa Palace Resort rose by 49.6 percentage points from a year earlier to 83.9% and the average daily room rate grew by 47.8% to HK$1,360. Grand Lisboa Hotel’s occupancy rate rose by 40 percentage points to 87.8% and the room rate by 59.6% to HK$1,026, it said. 

Macau’s visitor arrivals surged by 236.1% in the first six months from a year ago and gross gaming revenue in the second quarter reached 62% of the pre-pandemic level, it said.