Macau’s SJM Holdings reported total GGR of HK$28.8 billion (US$3.6 billion) in 2024, representing a 35.9% increase from FY23 thanks largely to the improved performance of Cotai’s Grand Lisboa Palace Resort Macau.
SJM did not make public its results for the December quarter, however information from analysts shows that the 2024 result included Q4 GGR of US$972 million – up 19.6% year-on-year although less than 1% higher quarter-on-quarter.
Macau GGR market share also grew from 11.9% at end-2023 to 13.1%, the company said.
Adjusted EBITDA for FY24 was HK$3.76 billion (US$470 million), up 118% year-on-year, with 4Q24 Adjusted EBITDA rising 42% to US$128.1 million.
According to SJM, FY24 profit attributable to owners of the company was HK$3 million (US$375,000), reversing a HK$2 million (US$250,000) loss in 2023 and representing the first time since COVID that it has registered a profit.
By property, Grand Lisboa Palace saw GGR double year-on-year to HK$5.24 billion (US$655 million) in 2024, with non-gaming revenue climbing 36.9% to HK$1.34 billion (US$168 million). Adjusted Property EBITDA of HK$499 million (US$62.4 million) reversed an EBITDA loss of HK$317 million (US$39.6 million) in 2023 with SJM highlighting a “strong upward trajectory, enhanced revenue streams and improved operational optimisation across GLP’s various offerings.”
Hotel occupancy rate also surged to 97.0% with the property’s market share rising from 1.5% to 2.4%.
At Grand Lisboa on the Macau peninsula, GGR climbed 38.8% to HK$7.84 billion (US$980 million) with Adjusted Property EBITDA of HK$2.09 billion (US$261 million) up 58.0% year-on-year, while other self-promoted casinos contributed combined GGR of HK$18.0 billion (US$2.25 billion).
“We are pleased to report a solid year for SJM, marking a significant inflection point as we return to profitability for the first time since the pandemic,” said Daisy Ho, Chairman of SJM Holdings Ltd and Managing Director of SJM Resorts S.A.
“This achievement reflects our disciplined execution, operational efficiencies and commitment to long-term sustainable growth. We are also delighted to see Grand Lisboa Palace Resort Macau gaining momentum, strengthening its market position with an expanding portfolio of non-gaming attractions that cater to a broad spectrum of customers.
“As we move forward, we remain focused on enhancing our offerings and creating new experiences that reinforce Macau’s appeal as a world-class tourism destination.”
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