SJM Holdings, a company in Macau owned by Stanley Ho and his family, has shown that it has fell to a loss of more than fifty million dollars for the first quarter of this year in its recent unaudited first quarter report.
The loss if being attributed to the current and ongoing Covid-19 pandemic, which subsequently resulted in a decline of more than sixty percent in gross gaming revenue.
The group, which owns and operates more than twenty casino establishments in Macau, suffered huge impact of the Coronavirus due to the business closure of fifteen days in February 2020 along with travel limitations and restrictions from core regions that provide tourists and visitors to Macau.
In addition, the largest decline was in VIP gaming due to the impact of pandemic, following by mass table revenue and slots.
Dr Ambrose So, chief executive officer of SJM Holdings commented on the figures and the report:
“SJM’s first quarter results reflect the severe contraction in travel and tourism caused by the COVID-19 pandemic.
We are optimistic, however, about the potential for our market to begin recovering later this year, particularly given the successful policies of the Macau and Central Government authorities in controlling the outbreak.
When the market resumes its growth, SJM of course will be a major contributor, and our participation will be enhanced by our exciting new resort, the Grand Lisboa Palace.”
You can view SJM Holdings’ ‘Unaudited Key Performance Indicators for the First Quarter of 2020’ here.