SJM’s losses narrow in Q1 as sector upbeat for recovery

SJM Holdings recorded a net gaming revenue HKD3.70 billion during the first quarter (Q1) of the year, amid the robust recovery the casino sector has been undergoing since January.

The figure is a significant increase as compared with HKD2.35 billion in the same period the year prior.

The gaming operator’s losses also narrowed to HKD869 million in the first quarter, as compared with a loss of HKD1.28 billion in Q1 2022.

Adjusted EBITDA of the Group in Q1 2023 was HKD31 million, as compared with negative HKD474 million in Q1 2022.

Daisy Ho, chairman of SJM Holdings Limited and managing director of SJM Resorts, S.A., commented, “In the first quarter of 2023, after several years facing challenges caused by the pandemic, SJM has turned an important corner by returning to positive adjusted EBITDA.”

“Our revenues from both gaming and non-gaming activities showed important gains during the quarter, and we expect that our team’s efforts will pay off further in future, especially as our Grand Lisboa Palace Resort with all of its features ramps up into a growing market,” she added.

Grand Lisboa’s gross revenue in Q1 2023 was HKD992 million including gross gaming revenue HKD928 million and non-gaming revenue HKD64 million, while Grand Lisboa Palace’s gross revenue in Q1 2023 was HKD474 million, including gross gaming revenue of HKD310 million and non-gaming revenue of HKD164 million. LV