Macau concessionaire SJM Holdings reported gross gaming revenue of HK$6.89 billion (US$881 million) in the three months to 31 March 2024, up 77.3% year-on-year and continuing the company’s steady recovery since borders reopened in early 2023.
SJM also reported a narrowed loss attributable to owners of the company of HK$74 million (US$9.5 million) compared with a HK$869 million (US$111 million) loss a year earlier, while Adjusted EBITDA increased to HK$864 million (US$110 million) versus HK$31 million in 1Q23.
The improved performance was evidenced across the board but nowhere more so than at SJM’s Cotai integrated resort, Grand Lisboa Palace, where GGR grew by 258% year-on-year to HK$1.11 billion (US$142 million). Adjusted Property EBITDA of HK$88 million (US$11.3 million) reversed an Adjusted Property EBITDA loss of HK$230 million (US$29.4 million) in the prior year period.
However, peninsula property Grand Lisboa continues to be the company’s shining light with GGR up 102% to HK$1.88 billion (US$240 million), while Adjusted Property EBITDA was up 243% to HK$535 million (US$68.4 million).
SJM’s self-promoted casinos – Sofitel at Ponte 16 and Jai Alai – recorded combined GGR of HK$1.26 billion (US$161 million), up 34.0% year-on-year, with Adjusted Property EBITDA of HK$334 million (US$42.7 million), up 27.5%.
And its nine satellite casinos generated GGR of HK$2.64 billion (US$338 million), up 54.7%, with an Adjusted Property EBITDA loss of HK$52 million (US$6.7 million).
“The quarter was characterised by strong performance across all our self-promoted properties, in both gaming and non-gaming sectors,” said Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts, S.A.
“It is a clear testament to the effectiveness of management’s focused efforts on improving our internal ROI and our team’s relentless drive for exceptional customer experiences. We have a full calendar of large-scale international events in the pipeline, designed to amplify SJM and the Lisboa brand’s visibility on the global stage, and provide multidimensional experiences for our guests as part of our mass market and overseas promotion strategy.”
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