SJM Holdings Returns to Profit in Q1

SJM Holdings Limited posted a profit of HKD31 million in the first quarter of 2025, marking a sharp rebound from a loss of HKD74 million in the same period last year.

The company’s net gaming revenue rose to HKD6.95 billion, up from HKD6.46 billion in Q1 2024, while adjusted EBITDA climbed to HKD958 million.

The Grand Lisboa Palace Resort and Grand Lisboa contributed significantly to this growth, with both properties recording improvements in gross revenues and adjusted property EBITDA.

Despite facing challenges from subdued consumer spending, the company maintained a stable performance.

“While the market experienced softer consumer spending in the first quarter, SJM Holdings’ performance remained steady on a sequential basis,” said chairperson and executive director Daisy Ho in a statement.

Ho highlighted that the company’s 2024 property enhancements are beginning to yield results.

“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,”Ho said.

“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,” she added.

SJM ended the quarter with HKD3.23 billion in cash and bank balances, against HKD26.74 billion in debt. LV