SJM Holdings Limited has announced its unaudited key performance indicators for the first quarter of 2025, revealing a turnaround in profitability. The Macao-based gaming operator reported a net profit attributable to owners of the company of HK$31 million (approximately US$3.97 million) for the three months ended 31 March 2025, a substantial improvement from a loss of HK$74 million (US$9.49 million) in the same period last year.
Net gaming revenue for the group climbed to HK$6,949 million (US$889.6 million), up from HK$6,464 million (US$826.9 million) in the first quarter of 2024. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) also saw an increase, reaching HK$958 million (US$122.7 million) compared to HK$864 million (US$110.7 million) the previous year. The adjusted EBITDA margin slightly improved to 12.8 percent, from 12.5 percent.
The group’s Grand Lisboa Palace Resort demonstrated robust growth. Gross revenue for the resort in the first quarter of 2025 was HK$1,931 million (US$247.3 million), including gross gaming revenue of HK$1,568 million (US$200.9 million) and non-gaming revenue of HK$363 million (approximately US$46.5 million).
[See more: SJM Holdings is developing a new three-star hotel in Hengqin]
This compares favourably to the first quarter of 2024, which saw gross gaming revenue of HK$1,111 million (US$142.3 million) and non-gaming revenue of HK$307 million (US$39.3 million). Grand Lisboa Palace Resort’s adjusted property EBITDA was HK$149 million (US$19.1 million), up from HK$88 million (US$11.3 million).
However, the Grand Lisboa saw a different trend. Gross revenue reached HK$1,887 million (US$241.7 million), with gaming revenue at HK$1,794 million (US$229.7 million) and non-gaming revenue at HK$93 million (US$11.9 million). While gaming revenue remained relatively stable compared to the previous year’s HK$1,877 million (US$240 million), the Grand Lisboa’s adjusted property EBITDA dipped to HK$440 million (US$56.4 million) from HK$535 million (US$68.5 million) in 2024.
The group reported HK$3,232 million (US$413.8 million) in cash, bank balances, and deposits and HK$26,739 million (US$3.42 billion) in debt as of 31 March. Additionally, the group has syndicated banking facilities consisting of a HK$9 billion (US$1.15 billion) term loan and a HK$10 billion (US$1.28 billion) revolving credit, with HK$3.8 billion (US$487.2 million) remaining undrawn.
This article was drafted by AI before being reviewed by an editor.
