Gambling operator SJM Holdings Limited announced its financial results for the third quarter of the year and the nine months ended September 30, 2015. Gaming revenue for the three months ended September 30 amounted to HK$11.2 billion, down 37.9% year-on-year. Gaming revenue for the first nine months of the year declined 39.6% to HK$37.6 billion.
During the third quarter of 2015, revenue from the operator’s VIP gaming operations totaled HK$5.4 billion, down 47.5% year-on-year. Mass market gaming revenue dropped 24.9% to HK$5.5 billion. Slot machines generated a total of HK$272 million, down 23.8% from the figures posted for the same period a year ago. During the three months ended September 30, the gambling company featured an average of 458 VIP gaming tables, 1,263 mass market ones, and 2,737 slot machines.
Revenue from SJM Holdings’ flagship property Grand Lisboa in Macau amounted to HK$3.5 billion in the third quarter of the year, posting a 48.5% decrease from the figures reported for the same period a year ago. During the first nine months of the year, revenue at the gambling venue amounted to HK$12.7 billion, down 45% year-on-year.
SJM Holdings’ revenue from gaming operations accounted for 21.3% of Macau’s overall quarterly gaming revenue and for 22% of the city’s gaming revenue generated in the nine months ended September 30.
Adjusted EBITDA of the gambling operator for the third quarter totaled HK$884 million, down almost 50% as compared to the figures posted for the same period a year ago. Adjusted EBITDA for the first nine months of the year amounted to HK$3.1 billion, down 49.2% from the same period a year ago.
The decrease in adjusted EBITDA was attributed to the drop in the company’s gaming revenue, which, in turn, was said to be the result from the decrease in Macau’s gambling market.
Adjusted EBITDA margin dropped from 9.6% in the third quarter of 2014 to 7.8% in this year’s third quarter. During the first nine months of 2015, adjusted EBITDA margin dropped to 8.3% from 9.9% posted for the same period a year ago.
Profit attributable to SJM Holdings’ owners amounted to HK$285 million in the third quarter of the year, down 81.4% from the figures posted for the same period a year ago. During the nine months ended September 30, profit attributable to owners amounted to HK$2.1 billion, down 61.8% year-on-year.
