Lisboa Palace Opening Delayed Again as SJM Gaming Revenue Falls

SJM Holdings is being buffeted by bad news as it has once again pushed back the completion date of its Grand Lisboa Palace resort at Cotai and reported a small decline in gaming revenue in the January-June 2019 period.

SJM says that the Grand Lisboa Palace will now open in March 2020, but many observers are predicting that date will be pushed back still further.

SJM is now the only one of the six Macau concessionaires without a property on the Cotai Strip, and is expected to continue to lose market share to its rivals until the Grand Lisboa Palace opens.

The US$5 billion resort will feature 1,900 guest rooms and suites in the Grand Lisboa Palace Hotel, Palazzo Versace Macau, and Karl Lagerfeld Hotel. Other features will include a Wedding Pavilion for celebrations and events, a multi-purpose hall, and entertainment facilities.

Meanwhile, SJM reported a 0.7% decline in January-June 2019 period gaming revenue, as growth in the mass market failed to offset a 25% drop in VIP revenue. (AGB)