Macau’s SJM Holdings reported a loss attributable to owners of the parent of HK$410 million (US$52.5 million) for the three months to 30 September 2023, with gross gaming revenues remaining relatively flat quarter-on-quarter at HK$5.73 billion.
While GGR was up by more than 500% year-on-year, the slow ramp-up of SJM’s Cotai integrated resort Grand Lisboa Palace continued with the property generating gross gaming revenue of HK$783 million (US$100 million) in Q3 – around half the HK$1.47 billion (US$188 million) at peninsula IR Grand Lisboa.
An Adjusted Property EBITDA loss of HK$27 million (US$3.5 million) at Grand Lisboa Palace was narrowed from a loss of HK$227 million (US$29 million) in 3Q22 and from a HK$62 million (US$7.9 million) loss in 2Q23.
At Grand Lisboa, Adjusted Property EBITDA reached HK$373 million (US$47.8 million), reversing a HK$223 million (US$28.6 million) EBITDA loss a year earlier and improved from HK$313 million (US$40.1 million) in Q2.
Group-wide Adjusted EBITDA of HK$566 million (US$72.5 million) was up 159% year-on-year and 32% quarter-on-quarter, with total net revenues rising by 471% year-on-year to HK$5.87 billion (US$752 million).
By segment, SJM said its rolling GGR grew by 1,055% year-on-year to HK$335 million (US$42.9 million), non-rolling by 507% to HK$4.90 billion (US$628 million) and electronic GGR by 330% to HK$330 million (US$42.3 million).
Other elf-promoted casinos – comprising Casino Lisboa, Casino Oceanus at Jai Alai and SJM’s share in revenues from Ponte 16 – generated combined GGR of HK$1.18 billion (US$151 million) and Adjusted EBITDA of HK$345 million (US$44.2 million) while satellite casinos generated GGR of HK$2.30 billion (US$295 million) and an Adjusted EBITDA loss of HK$80 million (US$10.2 million).
“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,” said SJM Chairman Daisy Ho.
“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.”
