SJM 2024 Q1 results: Post-pandemic recovery continues, GGR up 77.3%

SJM Holdings has announced its first quarter results for 2024, with significant growth recorded across multiple operational segments. 

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The group's gross gaming revenue (GGR) reached HK$6.89bn (US$882m), a substantial 77.3% rise, with total net revenue coming to HK$6.92bn. The average hotel occupancy rate grew to 92.5%, up from 85.5% in 2023, while non-gaming revenue, which includes hotel, catering and leasing operations across the group, saw a 54.5% increase.

Market share in terms of GGR for Grand Lisboa Palace Resort Macau and Grand Lisboa Macau increased by 1.1% and 0.6% respectively year-on-year.

Non-rolling GGR from self-promoted casinos grew 134% from the first quarter of 2019. These results reflect the group's efforts to enhance non-rolling market segments. It also shows the development of the operator post-Covid, which caused significant declines in revenue across the market. 

Grand Lisboa Palace Resort Macau reported a gross revenue of HK$1.42bn (US$181m), driven by increased GGR and increased non-gaming revenue. Adjusted property EBITDA showed a sizable turnaround, reaching HK$88m (US$11m) from a negative HK$230m (US$29m) in the prior year.

Similarly, Grand Lisboa Macau recorded a gross revenue of HK$1.96bn (US$251m), with GGR increasing by 102.3% year-on-year. Non-gaming revenue totaled HK$81m (US$10m), while adjusted property EBITDA came to HK$535m (US$68m).

Daisy Ho, Chairman of SJM Holdings, expressed satisfaction with the results, attributing it to management's focused efforts and the team's dedication to customer satisfaction. She also highlighted the company's plans for large-scale international events to enhance its brand visibility and provide exceptional experiences for guests.

The quarter also saw the grand opening of Palazzo Versace Macau.

Earlier this year, SJM Holdings announced their 2023 full year results, showing positive post-Covid recovery with an increase of 229.3% in gaming revenue.


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