SJM Holdings reports full-year results; net gaming revenue up 229.3%
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，black jack apostado 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.”