Macau concessionaire SJM Resort’s parent company SJM Holdings made an impressive recovery in 2024, returning to profitability after experiencing significant losses in 2023. The company reported a profit attributable of HKD 3.2 million for the year, a turnaround from a loss of HKD 2.01 billion in 2023.
The operator’s net gaming revenue for the full year about HKD 26.85 billion, this marks an increase of 33.8 percent from the previous year. In addition to its gaming revenue, SJM Holdings saw growth of 22.9 percent from its non-gaming revenue streams, including hotel, catering, retail, and leasing services, reaching just over HKD 1.92 billion.
For the full-year, earnings before interest, taxes, depreciation and amortisation (EBITDA) reached HKD3.76 billion, an increase of 117.9 percent from a year earlier. The company’s adjusted EBITDA margin rose to 13.1 percent, up from 8.0 percent in 2023. The board did not declare final dividend for the year to December 31.
In a released dated 4 March (Tuesday), SJM Holdings’ chairman, Daisy Ho Chiu Fung, 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.” She added, “This achievement reflects our disciplined execution, operational efficiencies, and commitment to long-term sustainable growth.”
Share in Macau’s GGR
As of the end of 2024, SJM Holdings held a 13.1 percent share of Macau’s gross gaming revenue (GGR). The company also saw strong performance in the mass-market gaming segment, where it held a 15.8 percent share of the GGR. However, the company’s performance in the VIP gaming segment was more modest, with a 5.1 percent share.
By property, improved Grand Lisboa Palace helped drive SJM’s GGR with nearly HKD 6.58 billion in gross revenue. This revenue included nearly HKD 5.24 billion in GGR, with non-gaming revenue contributing approximately HKD 1.34 billion. The complex’s adjusted property EBITDA was HKD 499 million, a significant improvement over the negative figure of HKD 317 million recorded in 2023.
The original Grand Lisboa 바카라, on the other hand, generated nearly HKD 7.84 billion in gross revenue in 2024. This was largely driven by nearly HKD 7.55 billion in GGR, with non-gaming revenue making up HKD 291 million. The venue’s adjusted property EBITDA reached HKD 2.09 billion, compared to HKD 1.33 billion in 2023.
In January, the group’s subsidiary, SJM Resorts announced salary increment for its staff, effective from 1 April. The company announced that eligible staff earning a monthly salary of MOP$16,000 or below will receive an increment of MOP$600 and those earning above MOP$16,000 will receive a 2.5 percent hike. It added that approximately 99 percent of its workforce will benefit from the programme. Last year, in December, SJM Resorts has announced a “special discretionary bonus” for its employees, equivalent to one month’s salary.
