SJM Holdings has posted its Q3 results for 2023, reporting a 470.8% year-on-year increase in total net revenue, including hotel, catering, retail, leasing and related services, from the third quarter of 2022 to HK$5.87bn (US$750.2m) in the third quarter of 2023.
Net gaming revenue also saw a significant increase from last year, up 492.9% to a total value of HK$5.41bn, with rolling gross gaming revenue seeing the most evident increase, being valued at HK$335m, representing a 1,055.2% increase.
As the graph shows, net gaming revenue has gradually started to recover since the Covid-19 pandemic, with 2022 showing a decline, most likely owing to the travel restrictions and quarantine requirements that were in place during that period in Macau.
Adjusted EBITDA also saw a huge increase in the third quarter of 2023 to HK$566m, portraying an increase of 158.5% from the same period last year.
Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, Daisy Ho commented on the results: “SJM Holdings’ results in the third quarter of 2023 show continued growth in adjusted EBITDA and steady progress in the ramp-up of Grand Lisboa Palace.
"In addition, during the quarter, we continued our active support of the economic diversification of Macau through our investment and sponsorship of cultural, educational, gastronomic and sports activities.”
As stated by Ho, Grand Lisboa Palace has seen massive improvements. In its revenue, for example, there was an 842.6% increase from Q3 2022 to HK$1.08bn in Q3 2023, with the casino seeing the biggest increase in revenue on an individual basis.
SJM Holdings made big improvements in the quarter when it came to its losses, decreasing the loss attributable to owners of the company by 78.4% to HK$410m.
