Macau gaming operator SJM Holdings has reported strong financial performance for the third quarter of 2024, driven by significant growth in net gaming revenue and improved profitability.
For 3Q24, SJM recorded net gaming revenue of HK$6.99 billion ($899 million), a 29 percent increase from HK$5.41 billion ($696 million) in the same period last year. This surge in revenue reflects the continued recovery of Macau’s gaming market, supported by a steady influx of visitors and an overall boost in gaming activity.
The company also reported a notable improvement in its EBITDA. Adjusted EBITDA for 3Q24 reached HK$1.04 billion ($133 million), up from HK$566 million ($73 million) in 3Q23. This represents an 83 percent year-on-year increase, signaling enhanced operational efficiency and strong cost management.
SJM’s adjusted EBITDA margin also saw significant improvement, rising to 13.8 percent in 3Q24 from 9.6 percent in the same quarter last year. This increase reflects the operator’s efforts to boost profitability through cost optimization and better revenue generation.
For the first nine months of 2024, the Group’s adjusted EBITDA margin was 13 percent, compared to 6.7 percent for the same period in 2023, further highlighting the company’s positive trajectory.
Additionally, SJM recorded a profit attributable to the owners of the company in 3Q24 of HK$101 million ($13 million), a turnaround from a loss of HK$410 million in 3Q23.
Despite this positive result, the Group posted a loss attributable to owners of HK$61 million ($7.8 million) for the nine months ending 30th September 2024, a marked improvement from the loss of HK$1.67 billion ($215 million) during the same period in 2023.
Grand Lisboa Palace
In 3Q24, the operator’s flagship integrated resort, Grand Lisboa Palace, posted robust gross revenue of HK$1.78 billion ($228 million), driven by a significant increase in both the gaming and non-gaming sectors.
GGR reached HK$1.42 billion ($183 million), a notable rise from HK$783 million ($101 million) in the same period last year. Non-gaming revenue also saw a solid increase, rising to HK$354 million ($45.5 million) from HK$301 million ($38.7 million) in 3Q23. This growth reflects the strong recovery and ongoing appeal of the resort’s offerings.
The resort’s adjusted property EBITDA turned positive, reaching HK$165 million ($21 million) in 3Q24, a significant improvement from the negative HK$27 million ($3.5 million) posted in 3Q23. This marks a clear sign of improved operational efficiency and profitability.
For the nine months ending 30th September 2024, Grand Lisboa Palace achieved gross revenue of HK$4.73 billion ($608 million), with HK$3.75 billion ($482 million) from gaming and HK$985 million ($127 million) from non-gaming. In comparison, during the first nine months of 2023, gross gaming revenue (GGR) was HK$1.82 billion ($234 million), and non-gaming revenue was HK$697 million ($90 million).
Grand Lisboa Hotel
Grand Lisboa reported gross revenue of HK$2.02 billion ($257 million), driven primarily by strong gaming performance in the period. GGR reached HK$1.94 billion ($249 million), a significant increase from HK$1.47 billion ($188 million) in 3Q23. Non-gaming revenue totaled HK$74 million ($9.4 million), slightly lower than the HK$81 million ($10.4 million) recorded in the same period last year.
The property’s adjusted property EBITDA for the quarter was HK$545 million ($69.5 million), reflecting a solid increase from HK$373 million ($47.6 million) in 3Q23, highlighting improved operational performance.
For the nine-month period, Grand Lisboa’s gross revenue amounted to HK$5.82 billion ($740 million), with HK$5.60 billion ($715 million) coming from gaming and HK$214 million ($27.3 million) from non-gaming. This marked a notable rise compared to the first nine months of 2023, when GGR was HK$3.73 billion ($476 million) and non-gaming revenue was HK$218 million ($28 million).
