A significant boost in the mass market segment saw Macau casino operator SJM Holdings report a 4.6% year-on-year increase in gross gaming revenue in 1Q18 to HK$10.9 billion. The positive results came despite a 1.1% decrease in VIP revenue for the period, down to HK$4.9 billion. Conversely, mass market revenue enjoyed a 9.6% increase from HK$4.2 billion in 1Q17 to HK$4.7 billion in the first three months of 2018.
Net gaming revenue grew 6.7% to HK$8.4 billion.
“We are very pleased that our efforts to strengthen mass market and VIP businesses combined with cost controls have resulted in material increases in SJM’s EBITDA and net profit during the first quarter,” said SJM Holdings CEO Ambrose So. “We strive to continue enhancing our business on Macau Peninsula whilst we complete construction of the Grand Lisboa Palace on Cotai.”
SJM’s Adjusted EBITDA grew 17.0% in 1Q18 to HK$987 million while profit increased 25.8% to HK$730 million.
VIP rolling chip volume also increased for the period, up from HK$157.7 billion to HK$178 billion but was impacted by a lower win percentage of 2.74%.
Flagship property Grand Lisboa saw its average occupancy rate hit 97.2% with an average room rate of HK$1,582 per night compared with average occupancy rate of 93.5% in 1Q17 with an average room rate of HK$1,585 per night.
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