SJM Holdings reports full-year results; net gaming revenue up 229.3%

Post-Covid recovery has seen SJM Holdings' adjusted EBITDA also return to a positive compared to FY22’s loss.  

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SJM Holdings has reported its financial results for full-year 2023. Net gaming revenue came to HK$20.06bn (US$2.57bn), up 229.3% from the HK$6.1bn reported for full-year 2022. Other income, including hotels, catering and retail were also up, making HK$1.82bn for growth of 191.3%. 

The company’s adjusted EBITDA also returned from a net loss to a net profit in 2023. SJM Holdings reported a net loss of HK$3.1bn for FY22, while in 2023 this grew to a net profit of HK$1.7bn. Loss attributed to the owners of SJM Holdings also reduced significantly, going from a FY22 loss of HK$7.8bn to FY23’s loss of HK$2.01bn.  

SJM Holdings also reported holding an 11.9% market share of Macau’s gross gaming revenue. 

Grand Lisboa 

Of SJM Holdings’ total revenue, Grand Lisboa's for FY23 was HK$5.75bn. Of this, 94.6% was from gross gaming revenue, which made HK$5.44bn, while the remaining 5.3% was generated by non-gaming operations, with revenue of HK$307m. 

Gross gaming revenue at Grand Lisboa grew from $1.07bn in FY22 – an increase of 408%. Non-gaming revenue also grew, up 132% from the HK$132m reported last year. This increase in gaming revenue closely mirrors the annual growth reported across Macau in 2023, which was up 433% year-on-year.  

Adjusted property EBITDA returned to profit compared to the loss reported last year. Last year, SJM Holdings reported a negative HK$758m in adjusted property EBITDA, while in FY23 this rose to HK$1.33bn. 

Grand Lisboa Palace 

Grand Lisboa Palace generated HK$3.67bn, of which HK$2.69bn came from gaming, while the remaining HK$980m came from non-gaming efforts. Across Macau, the importance of non-gaming revenue sources following the Covid-19 pandemic has been widely spoken of.

In his CEO Special appearance in Gambling Insider, MGM China President & COO Hubert Wang commented: “The demand for casino gaming entertainment is not going to diminish. On the contrary, with more comprehensive diversified non-gaming offerings, Macau will become more attractive than ever as a leisure destination.” 

Gross gaming revenue grew 667% from the HK$346m reported for FY22. Adjusted property EBITDA was still reported at a loss in 2023, though this loss reduced from HK$969m in 2022 to HK$317m in 2023.  

Comments 

On the results, SJM Holdings Chairman Daisy Ho said: “SJM Holdings’ results for 2023 show substantial recovery in gaming and non-gaming revenues from the pandemic years. In addition, our operations in the fourth quarter show strong sequential growth in adjusted EBITDA as well as steady progress in the ramp-up of Grand Lisboa Palace.”


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