Operator News

China – SJM revenues running at 56 per cent of pre-pandemic levels

By Phil - 22 August 2023

SJM Holdings saw its revenues boom by 241 per cent in the three months to June 30 2023, marking an increase of 35 per cent from the March quarter but operating at just 56 per cent of the revenues generated for the corresponding period before the pandemic.

Net gaming revenue earned by SJM Resorts, a subsidiary of the company, was HK$8,695m in the first half of 2023, as compared with HK$3,811m in the first half of 2022.

Adjusted EBITDA of the Group was HK$461m, as compared with negative HK$1,176m in the first half of 2022. Loss attributable to owners of the Company was HK$1,264m, as compared with a loss HK$2,757m in the first half of 2022. SJM had a 11.8 per cent share of Macau’s gaming revenue, including 14.9 per cent of mass market table gross gaming revenue and 3.5 per cent of VIP gross gaming revenue.

Grand Lisboa Palace’s gross revenue was HK$1,430m, including gross gaming revenue of HK$1,034m and non-gaming revenue of HK$396m, as compared with gross gaming revenue HK$231m and non-gaming revenue HK$186m in the first half of 2022, whilst its Adjusted Property EBITDA was negative HK$292m, as compared with negative HK$483m in the first half of 2022.

Grand Lisboa’s gross revenue was HK$2,403m, including gross gaming revenue HK$2,266m and non-gaming revenue HK$137 million, as compared with gross gaming revenue HK$705m and
non-gaming revenue HK$71m in the first half of 2022, whilst its Adjusted Property EBITDA was
HK$473m, as compared with negative HK$374m in the first half of 2022.

Grand Lisboa Palace Resort’s occupancy rate increased by 49.6 per cent from the first half of 2022 to 83.9 per cent. Average daily room rate increased during the period by 47.8 per cent to HK$1,360. Grand Lisboa Hotel’s occupancy rate increased by 40 per cent from the first half of 2022 to 87.8 per cent.

Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A., commented: “SJM Holdings’ results for the first half of 2023 reveal the first six-month period of positive Adjusted EBITDA since 2019. At the same time, we have begun our programme of non-gaming events and investments under the new Concession and continued the ramp-up of Grand Lisboa Palace Resort. As Macau recovers steadily from the pandemic, we are facing the future with optimism.”