SJM Holdings Limited - SJM Holdings Announces Key Performance Indicators for Third Quarter 2011

SJM Holdings Announces Key Performance Indicators
for Third Quarter 2010

Gaming Revenue up 36%
Adjusted EBITDA up 40%; Net Profit up 35%

(Hong Kong, 7 November 2011)– SJM Holdings Limited (the "Company") today announced selected unaudited key performance indicators of the Company and its subsidiaries (collectively the "Group") for the three months ended 30 September 2011 ("Q3 2011").

2011 THIRD QUARTER HIGHLIGHTS (UNAUDITED)

Gaming revenue of the Group in Q3 2011 increased by 36.2% over Q3 2010 to HK$19,057 million.
Adjusted EBITDA¹ of the Group in Q3 2011 increased by 40.2% over Q3 2010 to HK$1,651 million.
Profit attributable to owners of the Company in Q3 2011 increased by 35.3% over Q3 2010 to HK$1,173 million.
The Group's flagship Casino Grand Lisboa continued to outperform the market, and increased its gaming revenue in Q3 2011 by 60.1% over Q3 2010 to HK$5,829 million.
The Group's gaming revenues accounted for 28.0% of Macau's casino gaming market during Q3 2011, as compared with 30.4% in Q3 2010.
The Group maintained a strong and liquid financial position, with HK$19,137 million of cash and HK$3,332 million of debt as at 30 September 2011.

¹Earnings after adjustment for non-controlling interest and before accounting for interest income and expense,
tax, depreciation and amortisation, and share-based payments

Year-to-Date Comparison (unaudited)

                                                            Nine months ended 30 September

   2011
      HK$ million

    2010
   HK$ million

    Increase

Gaming Revenue
56,591    40,506 39.7%

Profit Attributable to Owners
    of the Company

3,839
2,434 57.7%

Adjusted EBITDA
5,142 3,410 50.8%

Adjusted EBITDA Margin
9.0% 8.4%

During Q3 2011, the Group's VIP gaming revenue was HK$13,314 million, an increase of 42.0% from HK$9,375 million in Q3 2010, mass market gaming revenue was HK$5,389 million, an increase of 25.4% from HK$4,296 million, and slot machine (and Tombola) revenue was HK$354 million, an increase of 11.6% from HK$316 million. The Group's total revenue during Q3 2011 of HK$19,213 million included hotel, catering and related services revenue of HK$156 million (Q3 2010: HK$108 million).

During Q3 2011 the Group operated an average of 613 VIP gaming tables (Q3 2010: 474), 1,145 mass market gaming tables (Q3 2010: 1,274) and 3,964 slot machines (Q3 2010: 4,370) (average of three month-end counts).

Total VIP chips sales for the Group during Q3 2011 were HK$463.0 billion (Q3 2010: HK$323.7 billion), and the VIP gaming hold percentage (before commissions and discounts) was 2.88% (Q3 2010: 2.90%).

Key Results for the Group's Casinos – Q3 2011

Gaming Revenue
HK$ million

Adjusted EBITDA
HK$ million

Casino Grand Lisboa
5,829 956

Other Self-promoted Casinos¹
2,701 253

Satellite Casinos²
10,527 423

¹Casino Lisboa, Casino Jai Alai, Casino Oceanus at Jai Alai, three slot halls and one Tombola hall
²Fourteen third party-promoted casinos

During Q3 2011, the Grand Lisboa Hotel achieved an average occupancy rate of 94.7% and average room rate of HK$2,015 per night, as compared with average occupancy rate of 77.9% and average room rate of HK$1,889 in Q3 2010.

Capital expenditure of the Group during Q3 2011 was HK$61 million, which was primarily for furniture, fixtures and equipment, and chips. As at 30 September 2011, the Group had total cash of HK$19,137 million and debt of HK$3,332 million.

Speaking on the third quarter results, Dr. Ambrose So, Chief Executive Officer of SJM Holdings Limited, said "SJM has shown to be a resilient competitor, continuing to develop both our VIP and mass market businesses, maintaining the leading market share in Macau's six-way market, and adding to our balance sheet strength for future expansion."

Further information on SJM Holdings Limited can be found on www.sjmholdings.com.