Grand Lisboa Palace opening crucial for SJM to improve results
Thursday 31 de October 2019 / 06:15
⏱ 1 min read
(Macau).- Analysts consider that the lack of a presence in Cotai has impacted SJM results and that the property’s expected opening in the second half of 2020 will be of great importance to the gaming operator.
SJM Holdings net gaming revenues have decreased 3.2 per cent year-on-year in the third quarter of this year to a total of HK$8 billion (US$1 billion), as VIP gross gaming revenues fell 42.6 per cent to HK$2.8 billion, but with mass-market results rising 12.1 per cent to HK$6.3 billion.
‘SJM continues to suffer from the lack of presence in Cotai and continues to lose overall market share on a y/y and q/q basis. We estimate SJM’s overall GGR market share is 13.8 per cent, VIP GGR 11 per cent and Mass GGR 15.6 per cent,’ analysts at Bernstein indicated.
Meanwhile, Morgan Stanley underlined that the group’s near-term weakness is compensated by medium-term upside from the Grand Lisboa Palace project opening by the end of 2020, with some HK$31 billion already expended through the end of the third quarter, out of a HK$39 billion budget.
‘GLP construction is nearing completion and inspection by the Fire Services department is scheduled for next week. GLP is on track to open in 2H 2020 according to management, but the schedule is largely dependent on government inspections. SJM budgeted an 8,000-headcount for GLP, comprising of 6,000 fresh recruits,’ Morgan Stanley added.
Categoría:Casino
Tags: Sin tags
País: Macao
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