SJM’s Adjusted EBITDA Declined Sequentially Even After Adjusting for One-Off Losses in the Quarter
Adjusted for the HKD 59 million luck impact at Grand Lisboa, loss of HKD 54 million at Jai Alai, and one-off expenses of HKD 52 million associated with the change in service provider at Jimei, SJM’s adjusted EBITDA in the second quarter would still register a 6% sequential decline, while margin would decline approximately 20 basis points sequentially. Given the competition from new casino resorts and insufficient hotel rooms at Grand Lisboa, we forecast that Lisboa Palace’s opening at the end of...SJM Holdings is an investment holding company based in Hong Kong. Co. is the holding company of Sociedade de Jogos de Macau and is engaged in the development and operation of casinos and related facilities in Macau Special Administrative Region, the People's Republic of China. Co.'s casinos are located in prime locations on the Macau Peninsula and Taipa Island. Gaming operations are comprised of VIP table gaming, Mass Market table gaming and slot machines. Co. is organized in two segments: Gaming Operations (operation of casinos and related facilities); and Hotel and Catering operations (hotel, catering and related services).
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