Macau concessionaire SJM Holdings reported a profit attributable to owners of the company of HK$31 million (US$3.88 million) for the three months to 31 March 2025, reversing a HK$74 million (US$9.25 million) loss from a year earlier thanks to the continued ramp of Cotai resort Grand Lisboa Palace (GLP).
The profit was also considerably higher than the HK$3 million (US$375,000) profit recorded for FY24.
Providing selected key performance indicators for the first quarter, SJM said in a Tuesday filing that group-wide gross gaming revenue (GGR) grew by 9.6% to HK$7.55 billion (US$943.8 million), of which HK$6.20 billion (US$775 million) was from mass gaming tables – up $8.6% year-on-year. GGR from electronic gaming machines rose by 32.1% to HK$707 million (US$88.4 million) while rolling GGR fell slightly to HK$641 million (US$80.1 million).
Adjusted EBITDA was 10.9% higher year-on-year at HK$958 million (US$120 million).
By property, GLP reported a 73.8% increase in total revenue in 1Q25 to HK$1.93 billion (US$241.3 million) with Adjusted Property EBITDA of HK$149 million (US$18.6 million). This included a 41.1% increase in GGR to HK$1.57 billion (US$196.3 million), a 17.8% increase in hotel revenue to HK$192 million (US$24 million) and an 18.8% increase in F&B and mall revenue to HK$171 million (US$21.4 million).
Peninsula landmark Grand Lisboa recorded stable revenue of HK$1.89 billion (US$236.3 million) and Adjusted EBITDA of HK$440 million (US$55 million), with GGR down 4.4% year-on-year but non-gaming revenue showing strong gains.
Other self-promoted casinos Jai Alai, Kam Pek and Ponte 16 saw GGR grow by a combined 6.6% to HK$1.34 billion (US$167.5 million) while satellite casino GGR grew by 7.6% to HK$2.85 billion (US$356.3 million).
SJM noted that its Adjusted EBITDA margin for the quarter was 12.8% – slightly improved from 12.5% in 1Q24.
“While the market experienced softer consumer spending in the first quarter, SJM’s performance remained steady on a sequential basis,” said Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts.
“The property enhancements undertaken throughout 2024 are now coming to fruition, with a pipeline of new offerings set to launch in phases – serving as growth levers for the mass market. Although the near-term macroeconomic outlook presents some headwinds, we remain focused on execution and confident in the long-term fundamentals of Macau’s tourism economy.”
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