SJM Holdings, the parent company of Macau gaming concessionaire Sociedade de Jogos de Macau, S.A., says it expects to open its HK$39 billion (US$5 billion) Cotai integrated resort, Grand Lisboa Palace, in early 2021 – ending speculation the company may hold a soft opening before the end of this year.
The update formed part of SJM’s third quarter financial results, released Thursday, which saw a loss attributable to owners of the company of HK$1.03 billion (US$132.9 million) compared with a profit of HK$738 million (US$95.2 million) over the same period last year. Loss for the first nine months of 2020 combined was HK$2.44 billion (US$314.8 million) versus a profit of HK$2.42 billion (US$312.2 million) in 2019.
Addressing progress of its long-awaited Cotai project, SJM said, “Construction work on the Grand Lisboa Palace has been completed and the Group is awaiting the assignment by local government authorities of final inspection dates, which are expected in November 2020.
“The Group anticipates opening the project during the first quarter of 2021.”
The latest delay to the opening of Grand Lisboa Palace follows a difficult year for SJM, which noted in its 3Q20 results announcement that it had been “severely impacted by the COVID-19 outbreak,” resulting in an 89.6% decline in net gaming revenue to HK$841 million (US$108.5 million). Adjusted EBITDA fell by more than 180% to an EBITDA loss of HK$782 million (US$100.9 million).
Flagship peninsula property Grand Lisboa felt the brunt of the pain with GGR down 93.7% to HK$176 million (US$22.7 million) and an Adjusted EBITDA loss of HK$336 million (US$43.3 million).
SJM’s four self-promoted casinos – Casino Lisboa, Casino Oceanus at Jai Alai, Casino Eastern and Casino Taipa – reported an 82.2% GGR decline to HK$187 million (US$24.1 million) while its 15 satellite casinos also declined 82.2% to HK$584 million (US$75.3 million).
SJM had previously reported a similar HK$1 billion loss in the three months to 30 June 2020.