SJM Expects Lisboa Palace Completion by June

SJM Holdings posted a 45.2% gain in 2018 profit and said that it expects to complete construction of its Cotai IR, the Grand Lisboa Palace, in the first half of this year.

Annual profit came in at HK$2.85 billion (US$371 million), while net gaming revenue rose 8.3% to HK$33.6 billion (US$4.4 billion).

The company, which held the monopoly on gaming rights in Macau for four decades before the market was opened to competition in the early 2000s, said its share of the overall market was 14.9%, down from 16.1% the prior year. Its share of mass gaming revenue was at 19.5% and VIP revenue of 12.2%.

“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 in the earnings statement. “Our Grand Lisboa Palace also made progress in 2018 and we look forward to completion of construction in the coming months.”

SJM said it will remain focused principally on Macau, but will selectively consider opportunities for future expansion in the Asian region. (AGB)