SJM Holdings has announced a return to profitability for the fiscal year ending 31 December 2024, driven by significant increases in net gaming revenue and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA). The company reported a profit attributable to owners of HK$3 million, a substantial turnaround from the HK$2.01 billion loss recorded in 2023.
The company’s subsidiary, SJM Resorts, S.A., saw net gaming revenue climb to HK$26.85 billion, up from HK$20.06 billion in the previous year. Adjusted EBITDA for the group surged to HK$3.76 billion, more than doubling the HK$1.73 billion reported in 2023.
SJM held a 13.1 percent share of Macao’s gross gaming revenue, with a stronger presence in the mass market segment, capturing 15.8 percent of that market, while holding 5.1 percent of the VIP gross gaming revenue.
The Grand Lisboa Palace demonstrated significant growth, generating gross revenue of HK$6.58 billion, a notable increase from the previous year. Gambling revenue specifically rose to HK$5.24 billion, while non-gambling revenue reached HK$1.34 billion. The property achieved an adjusted property EBITDA of HK$499 million, a stark contrast to the HK$317 million loss in 2023. Grand Lisboa also saw strong performance, with gross revenue of HK$7.84 billion and adjusted property EBITDA of HK$2.09 billion.
[See more: Macao’s gross gaming revenue grew by 7 percent year-on-year in February]
Occupancy rates at both Grand Lisboa Palace and Grand Lisboa Hotel remained high, with the former reporting 97 percent occupancy and the latter achieving 98.7%. Notably, Grand Lisboa Hotel saw a 9.4 percent increase in average room rates to HK$1,226, while Grand Lisboa Palace’s average room rate decreased slightly.
As of 31 December 2024, SJM Holdings held HK$3.22 billion in cash and bank deposits, with total debt amounting to HK$26.46 billion. The company’s syndicated banking facilities include a HK$9 billion term loan and a HK$10 billion revolving credit facility, with HK$4.4 billion remaining undrawn.
Daisy Ho, chairman of SJM Holdings and managing director of SJM Resorts, said: “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.”
She added: “We are also delighted to see Grand Lisboa Palace … 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 Macao’s appeal as a world-class tourism destination.”
