SJM Holdings reports robust 2024 results with 36 per cent growth in gaming revenue and return to profitability
SJM Holdings’ GGR continued to outperform the market, increasing by HK$7,619m annually, reaching a total of HK$28,824 million. This represents significant growth of 35.9 per cent year-on-year. The GGR for self-promoted casinos also rose by 43.6% year-on-year to HK$18,027m.
Market share of GGR jumped to 13.1 per cent, up from 11.9 per cent in the same period of 2023. This growth was driven by the strong performance of Grand Lisboa Palace Resort Macau, which rose 0.9 per cent to 2.4 per cent, compared to 1.5 per cent in 2023. The Group recorded a profit of HK$3 million attributable to owners of the Company, making it the first profitable period since the onset of the pandemic. This is a significant turnaround from a loss of HK$2,010m in 2023.
Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, commented: “We are pleased to report a solid year for SJM, marking a significant inflection point as we return to profitability for the first time since the pandemic. This achievement reflects our disciplined execution, operational efficiencies, and commitment to long-term sustainable growth. We are also delighted to see Grand Lisboa Palace Resort Macau gaining momentum, strengthening its market position with an expanding portfolio of non-gaming attractions that cater to a broad spectrum of customers. As we move forward, we remain focused on enhancing our offerings and creating new experiences that reinforce Macau’s appeal as a world-class tourism destination.”
Grand Lisboa Palace achieved a gross revenue of HK$6,580 m, driven by an increase in GGR to HK$5,238m and a solid contribution from non-gaming revenue of HK$1,342m. This performance is a major improvement compared to previous year’s GGR of HK$2,689m and non-gaming revenue of HK$980m. GLP’s Adjusted Property EBITDA strengthened to HK$499m, compared to negative HK$317m in 2023. This recovery highlights a strong upward trajectory, enhanced revenue streams, and improved operational optimisation across GLP’s various offerings. Its occupancy rate for the year surged to 97 per cent (2023: 82.6 per cent).
Grand Lisboa reported a gross revenue of HK$7,839m for the year, in large part by a healthy increase in GGR, which reached HK$7,548m, representing a year-on-year increase of 38.8 per cent. GL’s Adjusted Property EBITDA, at HK$2,094m, showed solid gains from the prior year at HK$1,325m. The hotel’s occupancy rate for the year reached 98.7 per cent (2023: 93.0%).
Notably, other self-promoted casino, Jai Alai Hotel, Kam Pek Market and Sofitel at Ponte 16 also delivered
solid performance, with Non-Rolling GGR at 104.7 per cent and adjusted property EBITDA at 96.8 per cent of 2019 pre pandemic levels.
The Group continues to adhere to a prudent and disciplined approach towards leverage, and aims to continue to deleverage by paying down debt as much as possible given its improving operating profit.
The Group has made significant strides in 2024, fortifying its position in Macau’s evolving tourism and leisure sector. With major projects completed and strategic investments underway, the Company’s principal subsidiary, SJM, is broadening its non-gaming portfolio, refining its market positioning, and supporting Macau’s economic diversification.
In March 2024, the 271-room Palazzo Versace Macau, the luxury brand’s first Asian outpost, officially
debuted which completed the Grand Lisboa Palace Resort trio and further elevated SJM’s premium hospitality portfolio. With its distinctive design and premier service, the hotel has quickly gained traction, maintaining an average occupancy over 96%. The property will play a key role in driving the resort’s revenue growth and boosting overall occupancy across the integrated resort. Parallel to its luxury expansion, SJM has also invested in revitalising Macau’s historic core. Kam Pek Market, which officially started operation in January 2025 in the San Ma Lo district, reimagined the former Kam Pek Community Centre as a vibrant food hall, designed to increase foot traffic and attract a younger demographic to one of Macau’s most storied neighbourhoods. Featuring 15 carefully selected vendors operating under a
revenue-sharing model with start-up support and a self operated kiosk, the initiative champions local SME while blending heritage with contemporary lifestyle experiences. This transformation underscores SJM’s commitment to sustainable urban development, balancing commercial vitality with cultural preservation.
Beyond Macau, the Group intends to expand its footprint in the Greater Bay Area with a memorandum of
understanding to acquire selected office properties at Hengqin’s Xin De Kou An Shang Wu Zhong Xin, with plans to repurpose them into a three-star hotel. This initiative aligns with SJM’s long term strategy to increase its room capacity and grow its mid-market hospitality offerings while strengthening synergies between Macau and Hengqin’s tourism ecosystem, leveraging the recently enacted visa policy for travellers. SJM’s luxury credentials remain industry-leading, clinching 13 Five-Star awards from the 2025 Forbes Travel Guide. Grand Lisboa Palace Resort secured the highest number of Five-Star distinctions for dining and spas, across all integrated resorts worldwide, while Grand Lisboa retained its four Five-Star accolades for a sixth consecutive year. Building on its established excellence, SJM has planned extensive upgrades and new lifestyle offerings for 2025 to ensure its continued market relevance.
Culinary innovation remains central to SJM’s strategy. Seven new dining concepts are set to open at Grand Lisboa Palace Resort, spanning global brands to local favourites offering a variety of cuisines, alongside three additions at Grand Lisboa Macau. These venues will create a well-balanced F&B portfolio for SJM by expanding mass-market offerings in response to demand, driving incremental revenue, and enhancing the competitive positioning of both properties.
Strengthening the Group’s competitiveness in the mid-sized MICE sector, Grand Lisboa Palace Resort will be adding two new event spaces — Garden House, a 2,000-square-metre flexible indoor-outdoor venue, and Grand Hall, a 2,900-square-metre venue outfitted with state-of-the-art audio-visual and conference facilities — expanding the resort’s overall hosting capacity by 132 per cent. Meanwhile, new function rooms and a refurbished grand ballroom will be introduced to Grand Lisboa, further enhancing the property’s appeal to high-value travellers, and complementing its renowned fine-dining offerings.
Grand Lisboa is set to embark on a comprehensive upgrade programme, including a full renovation of all
typical rooms and a room inventory expansion of over 10% through the conversion of former junket areas into exclusive villas, mansions, and suites. As this transformation unfolds, the appending Hotel Lisboa will be rolling out its own newly refurbished rooms in phases, seamlessly supporting Grand Lisboa’s operations in a closely coordinated effort to minimise disruptions.
SJM will continue to uphold its longstanding commitment to sports tourism and support signature marquee events associated with its brand, such as the SJM Macao Open, CTA Tour SJM Professional Finals (Macau) and the Macau Grand Prix. Through these efforts, it aims to elevate Macau’s global profile, stimulate overseas visitor arrivals, and nurture local talents. In the first half of 2025, SJM will expand its cultural offerings at Grand Lisboa Palace Resort with the launch of a resident show and a permanent art gallery, enriching the property’s entertainment and cultural portfolio while attracting a broader audience through immersive travel experiences.
In 2024, SJM participated in eight MGTO-led overseas roadshows and hosted nine trade events under the “Legend of Macau” campaign in major foreign markets, to amplify the Lisboa brand visibility, drive market diversification for Macau, and promote its sustainable long-term growth. Such efforts will continue into 2025, deepening strategic partnerships with global travel operators and channeling more MICE and high-value leisure customers to the city. By expanding the frontiers of its tourism offerings, SJM is not only fortifying its competitive standing but also advancing economic diversification through “Tourism+”, fostering the sustainable growth of Macau’s tourism sector.
