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This is how much Macao’s oldest gaming concessionaire made in the first quarter

Daisy Ho, chair of SJM, says ‘After several years facing challenges caused by the pandemic, SJM has turned an important corner’.

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Daisy Ho, chair of SJM, says ‘After several years facing challenges caused by the pandemic, SJM has turned an important corner’.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 21 Dec 2023, 11:33 pm

SJM Holdings says its net gaming revenue for the first quarter of this year reached HK$3.7 billion (3.8 billion patacas), compared to the HK$2.3 billion generated in the same period last year.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first three months of 2023 was HK$31 million (31.9 million patacas) – a robust improvement over the loss of HK$474 million for the comparable period in 2022.

In a regulatory filing, Macao’s oldest gaming concessionaire said the loss attributable to owners of the company was HK$869 million (895 million patacas) in the year’s first quarter, compared to the loss of HK$1.2 billion in the period last year.

“After several years facing challenges caused by the pandemic, SJM has turned an important corner by returning to positive adjusted EBITDA,” stated chair Daisy Ho.

[See more: Covid-19 taught Macao’s casinos to keep their costs down and they plan to keep it that way]

“Our revenues from both gaming and non-gaming activities showed important gains during the quarter, and we expect that our team’s efforts will pay off further in future, especially as our Grand Lisboa Palace resort with all of its features ramps up into a growing market,” she added. “As early results for the second quarter of 2023 indicate, we are justifiably optimistic about the future of SJM.”

In March, SJM Holdings reported a loss of HK$7.8 billion for 2022, owing to the Covid-19 pandemic.

However, Ho said at the time that the awarding of a new 10-year gaming concession was a “milestone” for the company and that it was preparing to invest billions of patacas in attractions and new facilities not related to gaming.

 

UPDATED: 21 Dec 2023, 11:33 pm

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