SJM Holdings GGR up 53% in Q1

SJM Holdings posted net gaming revenue of HKD3.7bn (US$472.6m).
SJM Holdings posted net gaming revenue of HKD3.7bn (US$472.6m).

The casino operator has reported gross gambling revenue of HK$3.89bn (US$496m) for the first quarter of the year.

Macau.- SJM Holdings has shared its financial results for the first three months of the year, posting a loss of HK$869m (US$110.9m). That compares with a loss of HK$1.28bn in the same quarter last year. Gross gambling revenue for the quarter grew 53 per cent year-on-year to HK$3.89bn (US$496m). 

Net gaming revenue was up 57.7 per cent year-on-year from HK$2.36bn to HK3.7bn (US$472.6m). Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$31m, compared with a negative figure of HK$474m in the same period last year.

The group’s net revenue for the three months to March 31 increased by 57.6 per cent year-on-year to HK$4bn. Mass market GGR grew by 67 per cent to HK$3.44bn (US$439m), while slots GGR grew by 81.3 per cent to HK$252m (US$32.1m). VIP GGR decreased by 41.6 per cent to HK$201m (US$25.6m).

Grand Lisboa Palace generated gross revenue of HK$474m, with gross gaming revenue of HK$310m and non-gaming revenue of HK$164m, compared with HK$156m and HK$115m in 2022. Adjusted property EBITDA4 was negative HK$230m.

Meanwhile, Hotel Grand Lisboa generated gross revenue of HK$992m: gross gaming revenue of HK$928m and non-gaming revenue of HK$64m. Those figures compare with HK$551m and HK$41m in 2022. Adjusted property EBITDA was HK$156m.

In 2022, the company posted net gaming revenue of HK$6.1bn (US$780m), down by 36 per cent compared to a year earlier. The group’s EBITDA was negative HK$3.1m (US$394.3m), compared with negative HK$1.58m for 2021.

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