Macau concessionaire SJM Holdings has reported a loss of HK$2.01 billion (US$257 million) for the 12 months to 31 December 2023, narrowed from a HK$7.80 billion (US$997 million) loss in 2022 on significantly improved gaming revenues.
The company generated total net revenue of HK$21.6 billion (US$2.76 billion) in 2023, up 224% year-on-year, with gross gaming revenues rising by 229% to HK$21.2 billion (US$2.71 billion). Adjusted EBITDA of HK$1.73 billion (US$221 million) reversed a HK$3.10 billion (US$396 million) loss in 2022.
While SJM did not separately reveal its 4Q23 performance, the company’s previously released results for Q3 suggest it generated GGR of around HK$6.3 billion (US$805 million) in Q4, up 10% sequentially, and Adjusted EBITDA of around HK$700 million (US$89.5 million), up 24%.
In a filing, SJM said it held an 11.9% share of Macau’s gross gaming revenue in 2023, including 14.8% of mass market table GGR and 3.5% of VIP GGR.
However, its Cotai integrated resort, Grand Lisboa Palace, continues to be loss making with an Adjusted Property EBITDA loss of HK$317 million (US$40.5 million) – despite GGR rising by 678% year-on-year to HK$2.69 billion (US$344 million).
Peninsula property Grand Lisboa continues to fly the flag for SJM, generating GGR of HK$5.44 billion (US$695 million) in 2023, up 410% year-on-year, of which non-rolling (mass) table games contributed HK$4.46 billion (US$570 million). Adjusted Property EBITDA of HK$1.33 billion (US$170 million) reversed a 2022 loss of HK$758 million (US$96.9 million).
SJM’s self-promoted casinos – Jai Alai and Ponte 16 – generated GGR of HK$4.43 billion (US$566 million) and Adjusted Property EBITDA of HK$1.26 billion (US$161 million) while its nine satellite casinos generated GGR of HK$8.65 billion (US$1.11 billion) but fell to an Adjusted Property EBITDA loss of HK$338 million (US$43.2 million).
“SJM Holdings’ results for 2023 show substantial recovery in gaming and non-gaming revenues from the pandemic years,” said Daisy Ho, the Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A.
“In addition, our operations in the fourth quarter show strong sequential growth in Adjusted EBITDA as well as steady progress in the ramp-up of Grand Lisboa Palace.”
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