ass-market table revenue was up 27.8% over the prior year quarter, and VIP was down 4.1%. But the comparisons reflect a reclassification in Q1 2013 of more than US$ 122.9 million in high-limit premium-mass revenue as VIP. Without the adjustment, the current quarter would be up 10% on mass revenue and 2.7% on VIP. VIP rolling chip sales were up 17% year on year. But hold percentage was lower, 2.7% versus a luckier 3.08% in Q1 2013.
The quarter saw publicly traded SJM accounting for 23% of Macau’s world-leading US$12.8 billion in gaming revenue through the end of March. That is down from 26% in Q1 2013 but good for a close second to Sands China among the market’s six concessionaires. It was derived from three wholly owned and operated casinos and a machine gaming venue and 14 properties owned by third parties whose casinos operate under SJM’s gaming concession in exchange for a share of revenues. (One of these, Casino Ponte 16 on Macau’s Inner Harbour, is 51% owned by SJM.) The company’s own casinos, all of which are located on the Macau peninsula, accounted for 50% of group gaming revenue in the quarter and 73.3% of EBITDA, and most of that (36% and 53%, respectively) was generated by the corporate flagship, Casino Grand Lisboa.
The quarter was notable as well for the start of construction of Lisboa Palace, which will be the first foray into the booming Cotai resort district for the company founded by Stanley Ho at the start of the new century to succeed the casino monopoly he held in Macau for four decades. Scheduled to open in 2017 at a cost of US$3.9 billion, plans for Lisboa Palace call for 2,000 five- and six-star hotel rooms, 700 table games and 1,200 machine games.
SJM ended the quarter with an average of 582 VIP tables, 1,195 cash tables and 2,971 slots and other machine games.