SJM Holdings recorded a 74.5 percent year-on-year increase in net gaming revenue in the first quarter of 2024, reaching HK$6.46 billion ($827 million).
During the same period, the group’s Adjusted EBITDA went from HK$31 million ($4 million) in 1Q23 to HK$864 million ($110.5 million) in 1Q24.
In the financial results highlights, SJM noted that its adjusted EBITDA Margin in 1Q24 improved from 0.8 percent in 1Q23 to 12.5 percent in the previous quarter.
Loss attributable to owners of the company was HK$74 million ($9.5 million) in 1Q24, compared with a loss of HK$869 million ($111.2 million) in 1Q23.
Among the group’s properties, although the group’s new flagship located in Cotai Grand Lisboa Palace continues to grow amid the overall recovery of the Macau gaming industry, Grand Lisboa – located on the Macau peninsula – maintains its leading position in contributing to the company’s revenue.
According to the 1Q24 results released on Thursday after the trading time, Grand Lisboa Palace’s gross revenue in 1Q24 was HK$1.42 billion ($181.4 million), including gross gaming revenue of HK$1.1 billion ($142.1 million) and non-gaming revenue of HK$307 million ($39.3 million), compared with gross gaming revenue of HK$310 million ($39.7 million) and non-gaming revenue of HK$164 million ($21 million) in 1Q23.
Grand Lisboa Palace’s Adjusted Property EBITDA was HK$88 million ($11.3 million), compared with negative HK$230 million ($29.4 million) in 1Q23.
Grand Lisboa’s gross gaming revenue doubled to HK$1.88 billion ($240 million) in 1Q24, while non-gaming revenue also recorded an increase of 26.6 percent to HK$81 million ($10.4 million).
Satellite casinos
In the same period, satellite casinos under SJM recorded a 54.7 percent increase in casino revenue to a total of HK$2.6 billion ($338.2 million).
As of March 31, 2024, SJM has nine satellite casinos. Their adjusted Property EBITDA despite improved by 50.5 percent from 1Q23, but remained negative at HK$52 million ($6.7 million) in 1Q24.
