GGR for slot operations makes up three per cent of the group’s total GGR with 2,439 slots and revenues of MOP1.22bn in 2019, a 2.5 per cent increase on 2018 revenue.
When the casinos were permitted to re-open SJM initially opened 16 of its 20 casinos until the others followed suit. At the end of June, SJM had 1,084 slots operating in 11 of its casinos compared with 2,439 slots at the end of December 2019.
Te SJM interim report for the first six months of 2020 shows a 74 per cent drop in group net gaming revenue from HK$16.7bn in 2019 to HK$4.27bn this year. Te group has seen HK$1.4bn in losses (a 184 per cent drop compared to profits of HK1.67bn last year.
well as hotel, restaurant and other non gaming activities that depend on tourism will continue to be negatively impacted by Covid-19 for an indefinite period in the future.
“Whilst certain travel restrictions are likely to be gradually lifted and that visitation and spending will respond positively to such lifting, we do not expect a return on our previous level of revenue during any part of 2020. In particular it is not known when China’s group and individual travel visas, which are critical to Macau’s tourist flow, will be reinstituted on a national basis. Even after such via resumption moreover it is not possible to predict whether there will be lingering economic effects and health concerns caused by Covid-19 that will affect our business for a longer period.”
$1.79bn ($1.99bn in 2018).
Te second resort, the Wynn Palace opened in 2016 in Cotai with 323 tables and over 1,000 slots together with private gaming and sky casinos. Te hotel has 1,706 rooms and suites, 14 restaurants, retail outlet leisure and convention area.
A Crystal Pavilion project is in the design stage and will include a world class theatre, catering, hotel and entertainment zone. Construction is due to begin in late 2021. Total casino revenues in 2019 amounted to $2.13bn ($2.35bn in 2018).
Total operating revenues for both Macau venues in 2019 were $4.61bn (MOP37.25bn), an 8.7 per cent drop on 2018 mostly due to a drop in win on VIP tables which saw a 25 per cent drop in gross win.
“Whilst certain travel restrictions are likely to be
gradually lifted and that visitation and spending will respond positively to such lifting, we do not expect a
return on our previous level of revenue during any part of 2020. In particular it is not known when China’s group and individual travel visas, which are critical to Macau’s tourist flow, will be reinstituted on a national basis.”
Mass market table game revenue dropped by 73.5 per cent and VIP gross gaming revenue decreased by 81.6 per cent during the first half of 2020 compared to the year before. Slot revenue decreased by 59 per cent.
Te group’s flagship Casino Grand Lisboa saw an 80.7 per cent decrease in gross gaming revenue to HK$1.32bn whilst hotel occupancy dropped from 75.9 per cent the year before to 18.9 per cent. Usually the casino sees around 35,000 visitors per day. During the first half of 2020 this was around 6,600 per day.
A statement within the interim report said: “We expect that gross gaming revenues in Macau as
Wynn Resorts operates two casino resorts – the Wynn Macau which opened in 2006 in the heart of the peninsula whilst Encore, an expansion of Wynn Macau opened in 2010. Te casino houses 322 tables and 838 slots plus private gaming, sky casinos and poker room. Te resort also has a feature lake, two hotel towers with over 1,000 rooms, 12 restaurants, retail, leisure area and convention space.
In December 2019 Wynn Macau opened the first phase of the Lakeside Casino with 44 non VIP gaming tables and high stake slot area with a second phase planned this year to include two new restaurants and extra retail space. Total casino revenues for the year 2019 amounted to
Te affect of closure and then restrictions has been significant on revenues for Wynn’s casinos. Te operating revenues for Q4 2019 for Wynn Macau were $525.4m whilst Q1 2020 revenues were $229.5m (a 56 per cent drop from Q1 2019) whilst Q2 results were $11.9m (a 97.8 per cent drop from $546.5m for Q2 2019)
Operating revenues for Wynn Palace for the Q4 2019 were $590m whilst Q1 2020 were $259.5m (64 per cent drop from $726.6m in Q1 2019) and Q2 were $8.7m (a 98.6 per cent decrease from $628.9m in Q2 2019)
Meanwhile Galaxy Entertainment Group (GEG) operates three flagship destinations in Macau plus three City Club casinos.
Total net revenues for 2019 for the Galaxy gambling operations amounted to HK$51.9bn (MOP50.5bn), a six per cent decline on 2018 data. Gross income from gambling operations was MOP61.1bn (12 per cent decrease on 2018) with mass gaming MOP30.1bn, slots MOP2.6bn and VIP segment MOP28.4bn (a 26 per cent drop).
In regards to the adverse effect the Covid-10 closures has had on the company’s revenues - the GGR for Q4 2019 for the group was HK$14.4bn with net revenues of almost HK$13bn.
NEWSWIRE / INTERACTIVE / MARKET DATA P89
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