SJM posts increase in gaming revenue for 2024
SJM’s net gaming revenue was up 33.8 per cent when compared to the previous year.
Macau.- SJM Holdings has shared its financial results for the year 2024. Net revenue was HK$28.7bn (US$3.71bn), up 33 per cent compared to the previous year. Full-year adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) was HK$3.7bn (US$471m), up 117.9 per cent from HK$1.7bn (US$217m) in 2023.
The casino operator recorded a profit of HK$3m (US$384,000) attributable to owners, making it the first profitable year since the onset of the pandemic. That compares to a loss of HK$2bn (US$256m) in the previous year.
Net gaming revenue was up 33.8 per cent year-on-year to HK$26.8bn (US$3.4bn). Gross gaming revenue (GGR) was up 35.9 per cent year-on-year at HK$28.8bn (US$3.6bn). The GGR for self-promoted casinos also rose by 43.6 per cent year-on-year to HK$18.027m (US$2.33bn). Non-rolling GGR for self-promoted casinos surged to 138.2 per cent year-on-year.
The company’s market share of GGR rose to 13.1 per cent, up from 11.9 per cent in 2023. This growth was driven by the strong performance of Grand Lisboa Palace Resort Macau, which rose from 1.5 to 2.4 per cent. Grand Lisboa Palace (GLP) generated gross revenue of HK$6.5bn (US$830m) in 2024, with gross gaming revenue of HK$5.2bn (US$664m) and non-gaming revenue of HK$1.3bn (US$166m). Its adjusted property EBITDA was HK$499m (US$62.4m), compared with negative HK$317m (US$39.6m) for 2023.
Hotel Grand Lisboa generated gross revenue of HK$7.8bn (US$1bn), up 38.8 per cent year-on-year, including GGR of HK$7.5bn (US$960m). Adjusted property EBITDA was HK$2.09bn (US$261m), up 58.0 per cent year-on-year. The hotel’s occupancy rate for the year reached 98.7 per cent.
Daisy Ho, chairman of SJM Holdings Limited and managing director of SJM Resorts, said: “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. 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.”
SJM plans for 2025
The company announced that Grand Lisboa Palace Resort will be adding two new event spaces: Garden House, a 2,000-square-metre flexible indoor-outdoor venue, and Grand Hall, a 2,900-square-metre venue with conference facilities, expanding the resort’s hosting capacity by 132 per cent. Meanwhile, Grand Lisbo will get new function rooms and a refurbished grand ballroom, room renovations and a room inventory expansion of over 10 per cent through the conversion of former junket areas into villas, mansions and suites.
The company said: “As this transformation unfolds, the appending Hotel Lisboa will be rolling out its own newly refurbished rooms in phases, seamlessly supporting Grand Lisboa’s operations in a closely coordinated effort to minimise disruptions. SJM will continue to uphold its longstanding commitment to sports tourism and support signature marquee events associated with its brand, such as the SJM Macao Open, CTA Tour SJM Professional Finals (Macau) and the Macau Grand Prix.
“Through these efforts, it aims to elevate Macau’s global profile, stimulate overseas visitor arrivals, and nurture local talents. In the first half of 2025, SJM will expand its cultural offerings at Grand Lisboa Palace Resort with the launch of a resident show and a permanent art gallery, enriching the property’s entertainment and cultural portfolio while attracting a broader audience through immersive travel experiences.”
