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SJM Resorts with 230% y-on-y jump in net gaming revenue in 2023

SJM Resorts recorded a 230 percent year-on-year increase in net gaming revenue in 2023, reaching HK$20 billion ($2.5 billion) in 2023.

During the same period, the group’s Adjusted EBITDA went from negative HK$3 billion ($383.4 million) in 2022 to HK$1.7 billion ($217.2 million) in positive results for 2023.

“SJM Holdings’ results for 2023 show substantial recovery in gaming and non-gaming revenues from the pandemic years. In addition, our operations in the fourth quarter show strong sequential growth in Adjusted EBITDA as well as steady progress in the ramp-up of Grand Lisboa Palace,” Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A., expressed in the financial report.

SJM reported a loss attributable to owners of the company totaling HK$2 billion ($255.6 million), a significant decrease from the loss of HK$7.7 billion ($984.2 million) reported in 2022.

The group held an 11.9 percent share of Macau’s gross gaming revenue in 2023, including 14.8 percent of mass market table gross gaming revenue and 3.5 percent of VIP gross gaming revenue.

Gross revenue from Grand Lisboa Palace surged to HK$3.6 billion ($460.1 million) in 2023, including gross gaming revenue of HK$2.6 billion ($332.3 million) and non-gaming revenue of HK$980 million ($125 million), marking a substantial increase from the previous year.

Grand Lisboa reported gross revenue of HK$5.7 billion ($728.5 million) in 2023, including gross gaming revenue of HK$5.4 billion ($ 690.2 million) and non-gaming revenue of HK$307 million ($39.2 million).

Grand Lisboa Palace Resort’s occupancy rate increased by 50.4 percent to 82.6 percent for the full year, whilst the average room rate increased by 44.3 percent to HK$1,322 ($168).

Grand Lisboa Hotel’s occupancy rate increased by 46.8 percent to 93 percent for the full year, with the average room rate increasing by 76.8 percent to HK$1,121 ($143).

As of December 31st, 2023, the Group had HK$4.5 billion ($575.1 million) in cash, bank balances, short-term bank deposits, and pledged bank deposits, along with HK$28.1 billion ($3.5 billion) of debt.

On June 20th, 2022, the Group completed a refinancing of its syndicated banking facilities, with HK$3.3 billion ($421.8 million) remaining undrawn as of December 31st, 2023.

Nelson Moura
Nelson Mourahttp://agbrief.com
Editor and reporter with 10 years of experience in Greater China, namely Taiwan and Macau, in printed and online media, with a focus on finance, gaming, politics, crime, business and social issues.

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