SJM revenue surges 74.5% in Q1

SJM Holdings saw a significant increase of 74.5%  in its net gaming revenue, amounting to HKD6.46 billion.

In an announcement, the gaming operator highlighted that the group’s Adjusted EBITDA rose from HKD31 million in 1Q23 to HKD864 million in 1Q24.

The financial results show that the adjusted EBITDA Margin for 1Q24 showed notable improvement, rising from 0.8%  in 1Q23 to 12.5% in the previous quarter.

Meanwhile, the average occupancy rate for the period was 92.5%, compared to 85.5% for the full year of 2023.

The “hotel, catering, retail and leasing operations” segment also posted a promising growth of 54% in revenue, vis-à-vis the first quarter of 2023.

During the period, market share in terms of gross gaming revenues for Grand Lisboa Palace Resort Macau stood at 2%, and 3.4% for Grand Lisboa Macau, signifying a 1.1% and 0.6% gain respectively year-on-year.

Of particular focus, 1Q2024 Non-Rolling GGR for self-promoted casinos reached 134% of 1Q2019 Non-Rolling GGR.

According to SJM, these robust results not only signal a strong recovery, but also “reflect the group’s continuous efforts in ramping up its Non-Rolling market segments, as well as the initial promising outcomes from the ‘One Platform’ initiative launched in late December 2023,” which is a new centralized operating and service platform that aims to better manage operating costs and improve cross-property synergies.

“The quarter was characterised by strong performance across all our self- promoted properties, in both gaming and non-gaming sectors, remarked Daisy Ho, chairman of SJM Holdings and managing director of SJM Resorts.

“We have a full calendar of large-scale international events in the pipeline, designed to amplify SJM and the Lisboa brand’s visibility on the global stage,“ she added.