Key points:
- SJM Holdings has reported a revenue of HK7.5bn for Q1 2025
- Profits have also risen to HK$31m from a loss of HK$74m in Q1 2024
- Grand Lisboa Palace Resort Macau was the company’s key revenue driver during the quarter
SJM Holdings has unveiled a net revenue figure of HK$7.5bn (US$970m) for the first quarter of 2025, highlighting a year-on-year uptick of 8.1%.
Breaking down the revenue figure, the company’s gross gaming revenue (GGR) amounted to a total of HK$7.6bn – a rise of 9.6% year-on-year – with net gaming revenue (NGR) also increasing 7.5% to a total of HK$6.9bn.
Q1 2025 results
Revenue aside, SJM Holdings has also reported a profit of HK$31m for the quarter, an improvement on the loss of HK$74m experienced by the company during the initial quarter of last year. Indeed, this figure marks the continuous recovery being made by the organisation in the wake of the pandemic, as SJM’s report also highlights that pre-covid figures from Q1 2019 saw the operator turn a profit of HK$850m.
Elsewhere, adjusted EBITDA for the quarter settled at HK$958m, up 10.9% year-on-year and paired with a margin of 12.8% – up 0.3% from Q1 2024.
By property, SJM’s key driver for the quarter was Grand Lisboa Palace Resort Macau (GLP) – which generated a revenue figure of HK$1.9bn thanks to a rising GGR which settled at HK$1.6bn – up from the HK$1.1bn reported in the first quarter of the year prior. Moreover, Grand Lisboa also reported a non-gaming revenue of HK$363m for the period.
Trailing closely behind was Grand Lisboa Macau (GL) which drove out an overall revenue of HK$1.89bn during Q1, with GGR falling by 4.4% year-on-year to total HK1.79bn.
Q1 2025 highlights
Recent highlights from Macau saw the jurisdiction post a GGR figure of US$2.46bn for the month of February – up 6.8% year-on-year.
During the year’s first quarter, SJM Holdings initiated an enhanced focus on culinary strategy, employing new initiatives to roll out menus at its properties with diversified options. Moreover, last year, the company reported an identical Q3 2024 revenue of HK$7.5bn – alongside its first profitable quarter in nine months.
Good to know: Macau's Chief Executive has repeatedly stated that the region needs to reduce its reliance on casino tax revenue
CEOs comments
Speaking on these latest results, Daisy Ho, Chairman of SJM Holdings, said: “While the market experienced softer consumer spending in the first quarter, SJM’s performance remained steady on a sequential basis. The property enhancements undertaken throughout 2024 are now coming to fruition, with a pipeline of new offerings set to launch in phases – serving as growth levers for the mass market.
"Although the near-term macroeconomic outlook presents some headwinds, we remain focused on execution and confident in the long-term fundamentals of Macau’s tourism economy.”
