Macau’s SJM Holdings posted a 21 percent increase in EBITDA in 2018 to HK$3.7 billion (US$471 million) on an 8.3 percent gain in gaming revenue to HK$33.6 billion ($4.28 billion).
The highlight was a 12 percent jump in mass-market table game revenue, which helped offset a 1.1 percent dip in revenue from VIP gaming. For the year, the mass market accounted for 52 percent of win.
Net income for the year was up a robust 45.2 percent to HK$2.85 billion ($363 million), and the company said it will pay a final dividend of 21 cents per share on its Hong Kong-listed stock.
“Macau’s casino gaming market continued its growth momentum in 2018 and SJM achieved material gains in revenue, adjusted EBITDA and net profit,” CEO and Vice Chairman Ambrose So said. “Our Grand Lisboa Palace also made progress in 2018 and we look forward to completion of construction in the coming months.”
SJM, the city’s largest operator in terms of number of properties, is the parent of four directly owned and operated casinos and shares in the gaming revenues of 16 “satellite” casinos that operate under its license. It accounted for 14.9 percent of all Macau gaming revenue in 2018, with 19.5 percent of the mass market and 12.2 percent of VIP.
Grand Lisboa Palace, the company’s first foray into the burgeoning Cotai resort district, is reported to be scheduled for a first-half opening with three hotels totaling 2,000 rooms, a casino and expansive facilities for shopping, dining, entertainment and meetings and events. Total cost is pegged at HK$36 billion ($4.45 billion).
