Macau gaming concessionaire SJM Holdings has revealed it expects construction of its new Cotai integrated resort, Grand Lisboa Palace, to be complete inside the first half of this year.
The news, which formed part of the company’s 2018 annual results released on Thursday, suggests Grand Lisboa Palace could open its doors before 2020 despite long-term concerns to the contrary.
Although an exact opening date will depend on the issuance of all relevant licenses, SJM said it was “looking forward to completing construction in the first half of this year and beginning operation as soon as possible thereafter.”
In the meantime, the company’s gaming subsidiary, Sociedade de Jogos de Macau, S.A., has reported a 45.2% increase in profit attributable to owners of the company in 2018 to HK$2.85 billion thanks to lower share-based payments as well as reduced depreciation and interest expense.
Net revenue for FY18 increased 8.3% to HK$33.68 billion while Adjusted EBITDA of the Group grew 21.1% to HK$3.72 billion.
Notably, it was mass market where SJM saw progress with mass GGR up 12.1% to HK$23.08 billion, while VIP revenue declined 1.1% to HK$19.66 billion. As a result, mass market revenue accounted for 52.6% of SJM’s 2018 GGR compared with 49.6% the previous year, while VIP share fell from 47.9% to 44.8%.
Flagship property Grand Lisboa reported a 4.7% boost in GGR to HK$15.66 billion with Adjusted EBITDA up 24.4% to HK$2.08 billion and profit up 33.8% to HK$1.88 billion.
SJM has proposed a final dividend of HK$0.21 per share.
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