SJM Holdings reports loss US$ 53 million as Grand Lisboa outshines Cotai IR

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.

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Original story by: IAG