• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Sunday 31 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

Lack of Cotai presence stings as VIP decline sees SJM lose more market share in 2Q19

Ben Blaschke by Ben Blaschke
Wed 31 Jul 2019 at 05:48
Lack of Cotai presence stings as VIP decline sees SJM lose more market share in 2Q19
1.1k
VIEWS
Print Friendly, PDF & Email

Macau concessionaire SJM Holdings reported a 4% decline in gross gaming revenue to HK$11.11 billion (US$1.42 billion) in the three months to 30 June 2019, losing ground in all segments with its lack of presence in Cotai continuing to bite.

The results come as SJM revealed the opening date of its under-construction Grand Lisboa Palace integrated resort had been delayed until at least March 2020 and the cost expanded from HK$36 billion to HK$39 billion (US$5 billion).

It was the VIP segment where SJM suffered most in 2Q19, with rolling chip volume down 31% to HK$118.22 billion and GGR by an identical level to HK$3.52 billion.

Mass GGR increased 8% to HK$6.21 billion with slots GGR falling 1% to HK$285 million, however Sanford C Bernstein analysts estimate the company’s market share for the quarter was 14.1% – down from 15.5% a year ago – including 15.2% market share in VIP (15.8% in 2Q18) and 12.4% in mass (15.3% in 2Q18).

“For the company as a whole, SJM is still suffering from the lack of presence in Cotai and continues to lose market share on a year-on-year basis,” Bernstein said in a note.

Group-wide Adjusted EBITDA for the period increased 3% in 2Q19 to HK$1.0 billion and EBITDA margin by 0.6 percentage points to 11.9%, with Bernstein stating a “better VIP/Mass business mix helped SJM’s margin despite a decline in overall GGR.”

Flagship peninsula property Grand Lisboa saw its momentum slow, with GGR falling 17% to HK$3.34 billion although Adjusted EBITDA grew 12% to HK$572 million.

SJM’s self-promoted casinos – namely Casino Lisboa, Casino Taipa, Jai Alai and Oceanus – booked a 3% increase to HK$1.56 billion while its 16 satellite casinos saw GGR fall 8% to HK$5.12 billion.

Providing a Cotai progress update in its 2Q19 earnings release, SJM said it now aims to complete construction of Grand Lisboa Palace by the end of 2019, with the 8% increase in construction costs incorporating “increased costs related to the project’s revised completion date.”

RelatedPosts

Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

Sun 31 Aug 2025 at 08:45
Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

SJM still in discussions over acquisition of Macau satellite casinos Ponte 16 and L’Arc

Sun 31 Aug 2025 at 08:43
Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

Sun 31 Aug 2025 at 06:32
Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

Fri 29 Aug 2025 at 05:30
Load More
Share22Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

The Star Sydney’s casino license in limbo as final report from second inquiry handed to regulator

Son of Star’s largest shareholder joins Star Entertainment Group board as non-executive director

by Newsdesk
Sun 31 Aug 2025 at 09:16

Troubled Star Entertainment Group has announced the appointment of Bruce Mathieson Jr – the son of Australian pub baron and Star’s largest shareholder Bruce Mathieson – as a non-executive director of the company, subject to regulatory approvals. Mathieson Jr, currently...

Melco prices US$750 million Senior Notes offering

Melco Resorts parent Melco International back in the black with US$45 million 1H25 profit

by Ben Blaschke
Sun 31 Aug 2025 at 08:45

Melco’s Hong Kong-listed parent Melco International Development Ltd recorded a profit attributable to owners of the company of HK$350.8 million (US$45.0 million) for the six months to 30 June 2025, buoyed by the improved performance of its gaming and non-gaming...

Morgan Stanley: Macau’s peninsula IRs could claim some GGR share from closure of SJM’s satellites

SJM still in discussions over acquisition of Macau satellite casinos Ponte 16 and L’Arc

by Ben Blaschke
Sun 31 Aug 2025 at 08:43

SJM Holdings is still in discussions over a possible acquisition of two Macau satellite casinos as it continues preparations for the cessation of the city’s satellite industry, management has confirmed. The update formed part of the company’s earnings call late...

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

Macau hotel occupancy rate reached 91% in July, up 1.9 percentage points year-on-year

by Pierce Chan
Sun 31 Aug 2025 at 06:32

Macau’s hotel occupancy rate surpassed the 90% threshold in July, reaching 91% for a year-on-year gain of 1.9 percentage points, according to information from the Statistics and Census Service. Benefiting from the summer holiday peak season, all tourism metrics in...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語