SJM Holdings returns to profit in Q1
The casino operator recorded a profit of HK$31m.
Macau.- SJM Holdings has shared its financial results for the first three months of the year. The company posted a profit of HK$31m (US$4m), compared to a loss of HK$74m (US$9.5m) in the same period last year.
Gross gaming revenue (GGR) was up 9.6 per cent year-on-year at HK$7.55bn (US$943.8m). Net gaming revenue was up 7.5 per cent year-on-year to HK$6.95bn (US$890m). Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$958m (US$123m), up 10.9 per cent year-on-year, with the Adjusted EBITDA margin improving by 0.3 points to 12.8 per cent. Net revenue increased by 8.1 per cent to HK$7.48bn (US$958m).
Non-rolling gross gaming revenue (GGR) for self-promoted casinos was 148 per cent of that recorded for the same period in 2019, while hotel, catering, retail and leasing operations achieved a year-on-year revenue increase of 16.4 per cent.
Grand Lisboa Palace (GLP) generated revenue of HK$1.93bn (US$247m), up 36.2 per cent year-on-year. GGR rose 41.1 per cent to HK$1.57bn (US$201m). Non-gaming revenue was HK$363m (US$46.44m). Adjusted property EBITDA was HK$149m (US$18.6m), compared with HK$88m (US$11.3m) in the first quarter of 2024. The company highlighted improved operational optimisation. GLP’s occupancy rate was 98.7 per cent.
Hotel Grand Lisboa generated gross revenue of HK$1.89bn (US$242m), down 3.6 per cent year-on-year, including GGR of HK$1.79bn (US$229m), down 4.4 per cent year-on-year. Adjusted property EBITDA was HK$440m (US$56.2m), down 17.76 per cent year-on-year. The hotel’s occupancy rate for the quarter was 98.8 per cent.
Sself-promoted casinos, including Jai Alai Hotel, Kam Pek Market, and Sofitel at Ponte 16, reported revenue of HK$1.42bn (US$182m). That’s an increase of 6.8 per cent in year-on-year terms. GGR was up 6.6 per cent to HK$1.34bn (US$172m).
Daisy Ho, chairman of SJM Holdings Limited and managing director of SJM Resorts, said: “While the market experienced softer consumer spending in the first quarter, SJM’s performance remained steady on a sequential basis. 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.”
