SJM posts net gaming revenue of US$2.5bn for 2023

Net gaming revenue was up 230 per cent when compared to the previous year.

Macau.- SJM Holdings has shared its financial results for the year 2023. Net gaming revenue was HK$20bn (US$2.5bn), up by 230 per cent compared to a year earlier. The group’s EBITDA was HK$1.7m (US$217.2m), compared with a negative EBITDA of HK$3.10bn (US$396m) in 2022.

The company posted a net loss of HK$2.01bn (US$257m), narrowed from a HK$7.80bn (US$997m) loss in 2022. It said it had an 11.9 per cent share of Macau’s gaming revenue, including 14.8 per cent of mass-market table gross gaming revenue and 3.5 per cent of VIP gross gaming revenue.

Grand Lisboa Palace generated gross revenue of HK$3.6bn (US$460.1m) in 2023, with gross gaming revenue of HK$2.6bn (US$332.3m) and non-gaming revenue of HK$980m (US$125m). Its adjusted property EBITDA was a negative HK$317m (US$40.5m), compared with negative HK$969m for the year 2022. 

Hotel Grand Lisboa generated gross revenue of HK$5.7bn (US$728.5m), including GGR of HK$5.4bn (US$690.2m) and non-gaming revenue of HK$307m (US$39.2m). Adjusted property EBITDA was HK$1.3bn (US$170m).

Grand Lisboa Palace Resort’s occupancy rate increased to 82.6 per cent for the full year, whilst the average room rate increased by 44.3 per cent to HK$1,322 (US$168). Grand Lisboa Hotel’s occupancy rate increased to 93 per cent for the full year, and the average room rate increased by 76.8 per cent to HK$1,121 (US$143).

See also: SJM Resorts adds new non-gaming attractions at Grand Lisboa Palace

Net revenue was HK$21.6bn (US$2.76bn), an increase of 223.7 per cent in year-on-year terms. The increase was driven by rolling revenue, non-rolling revenue and electronic game revenue.