SJM Holdings Posts Stellar Q1 Results as Post-COVID Recovery Continues

SJM Holdings, a leading owner, operator and developer of casinos and integrated entertainment resorts in Macau, has published its unaudited results for the quarter ended March 31.

The company reported Q1 group net gaming revenue of almost HKD 6.5 billion ($830 million), far exceeding the HKD 3.7 billion reported in Q1 2024. In the meantime, the company reported an adjusted EBITDA of HKD $864 million ($110.6 million), representing a substantial year-on-year increase from HKD 31 million in Q1 2023.

Adjusted EBITDA margin for the period stood at 12.5%, SJM Holdings reported. For context, the company’s adjusted EBITDA margin in Q1 2023 was 0.8%.

Loss attributable to owners of the company was HKD 74 million ($9.5 million), SJM Holdings said. This figure marks a major decrease from the HKD 869 million loss the company reported in the prior year period.

By the end of the quarter, SJM Holdings had HKD 4.95 billion ($630 million) in cash and cash equivalents. Its debts as of March 31 stood at HKD 28.5 billion ($3.65 billion).

Strong Performance Across All Segments

The group added that gross revenue from its Grand Lisboa Palace property reached HKD 1.4 billion ($180 million). This figure included gross gaming revenue of HKD 1.1 billion and non-gaming revenue of HKD 307 million. In Q1 last year, Grand Lisboa Palace reported gaming and non-gaming revenue of HKD $310 million and HKD 164 million, respectively. The property reported an adjusted EBITDA of HKD 88 million ($11.3 million).

Grand Lisboa, meanwhile, reported Q1 gross revenue of HKD 1.96 billion (250 million), including gross gaming revenue of HKD $1.88 billion and non-gaming revenue of HKD 81 million. The same metrics stood at HKD $928 million and HKD 64 million in Q1 2023, respectively. The property reported an adjusted EBITDA of HKD 535 million ($68.5 million).

Revenue from Other Self-promoted Casino, Jai Alai Hotel and Sofitel at Ponte 16 stood at $1.3 billion ($170 million) with an adjusted EBITDA of HKD 334 million ($42.7 million). Revenue from satellite casinos was HKD 2.6 billion ($330 million) with an EBITDA loss of HKD 52 million ($6.65 million).

Daisy Ho, chair of SJM Holdings, commented on the matter, saying that the quarter was characterized by strong performance across all self-promoted properties, in both gaming and non-gaming sectors. According to her, these results attest to the effectiveness of SJM Holdings’ management.

Ho added: “We have a full calendar of large-scale international events in the pipeline, designed to amplify SJM and the Lisboa brand’s visibility on the global stage, and provide multidimensional experiences for our guests as part of our mass market and overseas promotion strategy.”