The operator of Macau’s casinos, SJM Holdings, reported a loss for the three months ended September 30, 2023, of HK$410 million (US$52.5 million) attributable to parent shareholders. At HK$5.73 billion, GGR was comparatively stable from quarter to quarter and had a robust year-over-year rise of more than 500%.
Grand Lisboa Palace, SJM’s Cotai integrated resort, continued its slow ramp-up in Q3, generating gross gaming revenue of HK$783 million (US$100 million)—roughly half of the HK$1.47 billion (US$188 million) at Grand Lisboa, the peninsula integrated resort.
Grand Lisboa Palace had a Q3 2023 Adjusted Property EBITDA deficit of HK$27 million (US$3.5 million), up from a Q2 2023 loss of HK$62 million (US$7.9 million) and a Q3 2022 loss of HK$227 million (US$29 million). Grand Lisboa, meantime, recorded Adjusted Property EBITDA of HK$373 million (US$47.8 million), up from HK$313 million (US$40.1 million) in Q2 and reversing an EBITDA loss of HK$223 million (US$28.6 million) in the same period last year.
The Group’s overall adjusted EBITDA of HK$566 million (US$72.5 million) increased by 159% on an annual basis and 32% on a quarterly basis. To reach HK$5.87 billion (US$752 million), total net sales climbed by 471% on an annual basis.
Rolling GGR increased by 1,055% year over year to HK$335 million (US$42.9 million), non-rolling GGR increased by 507% to HK$4.90 billion (US$628 million), and electronic GGR increased by 330% to HK$330 million (US$42.3 million), according to SJM.
The company’s continuous increase in Adjusted EBITDA and the steady progress of the Grand Lisboa Palace ramp-up were commended by SJM Chairman Daisy Ho. The company actively supported Macau’s economic diversification throughout the quarter by investing in and sponsoring athletic, cultural, educational, and gastronomic activities.
Related Article About: SJM Holdings
Original story by: IAG
Other Interesting ArticlesMacau concessionaires to have panel discussion at MGS 2023
Nov 14, 2023