SJM Holdings Q1 revenue shoots up and net loss down (but still considerable)
The casino operator and owner can claim it was one of the very few hotels to be on theme for this year's Met Gala.
SJM Holdings, a Hong Kong-based owner, operator and developer of casinos in Macau, has released its financial results for the Q1 2023 period.
The net gaming revenue was reported to have increased to HK$3.7bn (US$472m), compared to HK$2.3bn year-on-year.
With an increase of 107%, adjusted EBITDA totalled HK$31m and cleared the negative amount recorded in Q1 2022.
Loss attributable to owners of the company was HK$869m for Q1, although this was a 32% improvement year-on-year.
Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts SA, said: “In the first quarter of 2023, after several years facing challenges caused by the pandemic, SJM has turned an important corner by returning to positive adjusted EBITDA.
“Our revenues from both gaming and non-gaming activities showed important gains during the quarter, and we expect that our team’s efforts will pay off further in future, especially as our Grand Lisboa Palace Resort with all of its features ramps up into a growing market.
“Indeed, as early results for the second quarter of 2023 indicate, we are justifiably optimistic about the future of SJM and of Macau.”
One of the properties owned and managed by SJM Holdings is the Grand Lisboa, a 47-floor casino that opened 11 February, 2007.
The Grand Lisboa was the first casino in Macau to offer Texas Hold ‘Em and craps games, with an exclusive Karl Lagerfeld tower as part of the hotel.
The gross revenue for the Grand Libosa was HK$992m, with a gross gaming revenue amount of HK$928m.
An increase of 222% saw the final adjusted EBITDA amount for the Grand Libosa sit at HK$156m.
It’s no surprise then, that Macau recently announced it had hit a three-year high gaming revenue, with a 450% increase.
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