Operator News
China – SJM bounces back with revenues up 492 per cent
By Phil - 15 November 2023
Third quarter revenue was up 492 per cent for Macau operator SJM Resorts, reaching HK$5.41bn (US$693m) with loss attributable to its owners down 78.4 per cent to HK$410m (US$52.5m).
Grand Lisboa Palace’s gross revenue in Q3 2023 was HK$1,084m, including gross gaming revenue HK$783 million and non-gaming revenue HK$301m, as compared with gross gaming revenue HK$46m and non-gaming revenue HK$69m in Q3 2022. Adjusted Property EBITDA was negative HK$27m, as compared with negative HK$227m in Q3 2022. For the nine months ended 30 September 2023, Grand Lisboa Palace’s gross revenue was HK$2,514m, including gross gaming revenue HK$1,817m and non-gaming revenue HK$697m, as compared with gross gaming revenue HK$277m and non-gaming revenue HK$255 million in the first nine months of 2022, whilst its Adjusted Property EBITDA was negative HK$319 million, as compared with negative HK$710m in the first nine months of 2022.
Grand Lisboa’s gross revenue in Q3 2023 was HK$1,548m including gross gaming revenue HK$1,467m and non-gaming revenue HK$81m, as compared with gross gaming revenue HK$101m and non-gaming revenue HK$25m in Q3 2022. Adjusted Property EBITDA was HK$373m, as compared with negative HK$223m in Q3 2022. For the nine months ended 30 September 2023, Grand Lisboa’s gross revenue was HK$3,951m, including gross gaming revenue HK$3,733m and non-gaming revenue HK$218m, as compared with gross gaming revenue HK$806m and non-gaming revenue HK$96m in the first nine months of 2022, whilst its Adjusted Property EBITDA was HK$845m, as compared with negative HK$597m in the first nine months of 2022.
During Q3 2023, the Group’s rolling gross gaming revenue was HK$335m, an increase of 1,055.2 per cent from HK$29m in Q3 2022, non-rolling gross gaming revenue was HK$4,897m, an increase of 506.8 per cent from HK$807m, and electronic game gross gaming revenue was HK$499m, an increase of 330.2 per cent from HK$116m. The Group’s total net revenue during Q3 2023 of HK$5,868m included hotel, catering, retail, leasing and related services revenue of HK$455m (Q3 2022: HK$115m).
Daisy Ho, chairman of SJM Holdings Limited and Managing Director of SJM Resorts, said: “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.”
