Asia bulletin: SJM Holdings makes HK$6.1bn in revenue for FY2022

One of Macau’s biggest operators, SJM Holdings also saw adjusted EBITDA decrease by 96% year-on-year to negative HK$3.1bn.

The company also saw its yearly losses widen 88% to HK$7.78bn, with a loss per basic and diluted share increase of 80% from the prior year.

Comparatively, SJM Holdings generated more revenue than competitor MGM China for the period, which posted net revenue just short of HK$5.3bn.

These negative results for the Macau-based operator come as no surprise, given the extensive lockdown periods felt throughout Macau and China’s mainland throughout 2022 – a year that marked a third consecutive year of anti-Covid 19 measures.

In addition, the losses felt by SJM throughout this pandemic-laden period do not help its aims of improving its market share in Macau, where it currently holds 15.8% of the market. The rest is shared by its competitors, Macau’s five other concession holders.

There was one bright spot for SJM Holdings, however, in that it generated HK$623m in revenue from hotel, catering, retail, leasing and other associated income, up 5% from 2021.

Despite these modest gains, it’s worth noting that the hotel, catering and retail segment of SJM Holdings’ business is its smallest and least profitable.

Operating out of the Grand Lisboa Palace in Macau, SJM Holdings said it hopes to break even in adjusted EBITDA for FY2023. This may not be as difficult as the company’s 2022 results suggest, given that China largely ended its lockdown measures at the start of 2023.

The region has seen visitation rise dramatically in the months since, with the region’s concessionaires expected to post Q1 results in the spring.

The extent of SJM Holdings’ initial post Covid-19 recovery will start to take shape then.

Stay updated with GI

Follow Gambling Insider for independent news, analysis and industry expertise.

Add as a preferred source on Google

Louis Thompsett

Gambling Writer

Louis Thompsett is a journalist and editor who served as a Staff Writer at Gambling Insider from February 2022 to April 2023, covering key developments across the global gambling, sports betting and iGaming sectors. During his time with the publication, he reported on regulatory updates, operator strategy, technological innovation and market trends, contributing both news coverage and in-depth editorial features for Gambling Insider and its associated titles.

Louis later advanced into senior editorial roles and now works as Editor-in-Chief of FinTech Magazine and InsurTech Digital, where he oversees content strategy and reporting for a global B2B audience across financial and technology sectors.

Visit Profile