SJM Holdings Limited has announced robust interim results for 2023, with net gaming revenue climbing to HK$8.69 billion ($1.1 billion) in 1H23, representing a significant 128.2 percent year-on-year increase.
These figures demonstrate the group’s achievement of an adjusted EBITDA of HK$461 million ($59 million), a reversal from the loss of HK$1.2 billion ($150 million) in 1H22. The company’s loss attributable to owners was HK$1.3 billion ($161 million), compared to the loss of HK$2.8 billion ($352 million) in 1H22.
According to a Monday filing, the Hong Kong-listed SJM had an 11.8 percent share of Macau’s gaming revenue, comprising 14.9 percent of mass market table gross gaming revenue and 3.5 percent of VIP gross gaming revenue.
Company-rolling revenue, previously referred to as VIP revenue, surged by 84 percent to HK$712 million ($91 million), while mass revenue surged to HK$7.7 billion in 1H23, marking a substantial 135 percent increase. Electronic gaming revenue reached HK$785 million ($100 million).
SJM has not declared the payment of an interim dividend for 1H23.
The Grand Lisboa Palace reported gross revenue of HK$1.4 billion ($182 million), including gross gaming revenue of HK$1.03 billion ($132 million) and non-gaming revenue of HK$396 million ($50.5 million). This marks a significant increase from the gross gaming revenue of HK$231 million ($30 million) and non-gaming revenue of HK$186 million ($24 million) in 1H22. Meanwhile, its Adjusted Property EBITDA improved to negative HK$292 million ($37 million), compared to negative HK$483 million ($62 million) in 1H22.
Located in the heart of the Macau Peninsula, the Grand Lisboa continues to contribute the most among the group’s properties, reporting gross revenue of HK$2.4 billion ($307 million). This includes gross gaming revenue of HK$2.26 billion ($289 million) and non-gaming revenue of HK$137 million ($17.5 million), an increase from the gross gaming revenue of HK$705 million ($90 million) and non-gaming revenue of HK$71 million ($9.1 million) in 1H22. Its Adjusted Property EBITDA improved to HK$473 million ($60.4 million), compared to the negative HK$374 million ($47.7 million) in 1H22.
Hotel occupancy rates surge
Hotel occupancy rates have surged to over 80 percent at both the Grand Lisboa and Grand Lisboa Palace. Grand Lisboa Palace Resort’s occupancy rate rose by 49.6 percent from 1H22 to reach 83.9 percent in 1H23. The average daily room rate also increased during the period by 47.8 percent to HK$1,360 ($174). Meanwhile, the Grand Lisboa Hotel’s occupancy rate increased by 40 percent yearly to 87.8 percent, with an average daily room rate increase of 59.6 percent to HK$1,026 ($131).
Satellite Casinos
As of June 30, 2023, SJM operated nine satellite casinos: Casino Casa Real, Casino Landmark, Casino Emperor Palace, Casino Fortuna, Casino Grandview, Casino Kam Pek Paradise, Casino L’Arc Macau, Casino Legend Palace, and Casino Ponte 16. Casino Babylon, Casino Diamond, Casino Golden Dragon, Casino Million Dragon, and Casino Royal Dragon were closed on December 27, 2022.
The GGR of the nine satellite casinos rose by 54.5 percent to HK$3.8 billion ($485 million) in the first six months of the year. However, their Adjusted Property EBITDA turned negative, with a loss of HK$208 million ($26.5 million).
