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SJM’s gaming revenue rises 6.7 pct in Q1

SJM Holdings said in a statement Wednesday that its net gaming revenue for the first quarter rose by 6.7 percent year on year to HK$8.41 billion.

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UPDATED: 22 Dec 2023, 5:49 am

SJM Holdings said in a statement Wednesday that its net gaming revenue for the first quarter rose by 6.7 percent year on year to HK$8.41 billion.

Adjusted EBITDA increased by 17.0 percent to HK$987 million. Adjusted EBITDA margin grew to 11.5 percent from 10.5 percent a year earlier.

Profit attributable to the company’s owners rose by 25.8 percent to HK$730 million. “The increase was mainly due to an increase in mass-market gross gaming revenue in self-promoted casinos,” the statement said.

The company’s gross gaming revenue accounted for 14.7 percent of Macau’s casino gaming revenue during the first quarter, as compared with 16.9 percent in the same quarter of last year, the statement said.

During the first quarter, SJM’s VIP gross gaming revenue was HK$4.88 billion, a decrease of 1.1 percent year on year. Mass-market gross gaming revenue was HK$5.74 billion, an increase of 9.5 percent. Slot machine gross gaming revenue was HK$294 million, an increase of 14.6 percent.

The company’s total first-quarter net revenue of HK$8.59 billion, an increase of 7.1 percent year on year, included hotel, catering, retail and related services revenue of HK$187 million, an increase of 27.2 percent.

According to the statement, SJM operated an average of 284 VIP gaming tables, 1,417 mass-market gaming tables and 2,700 slot machines in the first quarter. While the number of VIP gaming tables was reduced by 31, the number of mass-market tables and slot machines was increased by 42 and 151 respectively.

Total chip sales reached HK$178 billion, up 12.88 percent.

According to the statement, SJM runs four self-promoted casinos (Grand Lisboa, Lisboa, Oceanus at Jai Alai and Taipa) and 16 third party-promoted casinos.

The statement quoted SJM Holdings CEO Ambrose So Shu Fai as saying that “we are pleased that our efforts to strengthen the mass-market and VIP businesses combined with cost controls have resulted in material increases in SJM’s EBITDA and net profit during the first quarter.”

So also said that SJM was striving to continue enhancing its business on the Macau peninsula “whilst we complete construction of the Grand Lisboa Palace in Cotai.”

SJM executives told reporters earlier this year that the Grand Lisboa Palace was slated to open next year.

UPDATED: 22 Dec 2023, 5:49 am

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