SJM Holdings revenue dips by 2.4% in Q1 2022 despite VIP decline

However, this was well under pre-pandemic levels. Net revenue in Q1 2019 was HK$8.65bn, meaning that the net revenue in 2022 was 70.6% less.

Gaming revenue made up a majority of this, as gross gaming revenue amounted to HK$2.35bn. This was 72.2% less than pre-pandemic levels.

Mass market GGR totaled at HK$2.05bn, up just slightly by 0.3% year-on-year. VIP GGR came to $344m, down by 29.1%, while slot machine GGR rose by 19.5% to HK$139m.

After considering costs from commissions and incentives, which came to HK$191m – HK$49m less than in Q1 2021 – the total net gaming revenue for the quarter was HK$2.35bn, a fall of 2.6% year-on-year.

The total net revenue for SJM also considered revenue from hotel, catering, retail, leasing and related services, which came to HK$188m, an increase of 184.8%.

The overall loss for the period was HK$1.28bn, HK$635m more than in Q1 2021.

SJM’s newest integrated resort on Cotai Macau, the Grand Lisboa Palace, took in HK$271m in gross revenue. Gaming revenue was HK$156m, while non-gaming revenue was HK$115m. The Grand Lisboa Palace opened in July 2021, meaning that there are no corresponding comparative figures.

The company’s original Grand Lisboa location in Macau reported HK$592m in revenue in the first quarter, making it the largest contributor to revenue. Gaming revenue was HK$551m, a loss of 5.8% year-on-year, while non-gaming revenue was HK$41m – up by 13.8%.