SJM Holdings reported a profit attributable to owners of HK$31 million (US$3.88 million) for the three months ended March 31, reversing a loss of HK$74 million (US$9.25 million) a year earlier, thanks to growth at Cotai resort Grand Lisboa Palace (GLP). The profit was also significantly higher than the HK$3 million (US$375,000) it posted in fiscal 2024.

Providing key performance indicators for the first quarter, SJM said in a report that group-wide gross gaming revenue (GGR) rose 9.6% to HK$7.55 billion (US$943.8 million), of which HK$6.20 billion (US$775 million) was generated from mass gaming tables, up 8.6% year-on-year. GGR from electronic gaming machines rose 32.1% to HK$707 million (US$88.4 million), while rolling GGR fell slightly to HK$641 million (US$80.1 million).

Adjusted EBITDA rose 10.9% year-on-year to HK$958 million (US$120 million).

In real estate, GLP reported a 73.8% increase in total revenue in Q1 2025 to HK$1.93 billion (US$241.3 million), with adjusted real estate EBITDA of HK$149 million (US$18.6 million). This included a 41.1% increase in GGR to HK$1.57 billion (US$196.3 million), a 17.8% increase in hotel revenue to HK$192 million (US$24 million), and an 18.8% increase in F&B and mall revenue to HK$171 million (US$21.4 million).

The Grand Lisboa, a landmark on the peninsula, posted solid revenue of HK$1.89 billion (US$236.3 million) and adjusted EBITDA of HK$440 million (US$55 million), with GGR down 4.4% year-on-year but non-gaming revenue showing strong growth.

Other casinos Jai Alai, Kam Pek and Ponte 16 saw GGR grow 6.6% to HK$1.34 billion (US$167.5 million), while the satellite casino’s GGR rose 7.6% to HK$2.85 billion (US$356.3 million).

SJM noted that its adjusted EBITDA margin for the quarter was 12.8%, slightly better than 12.5% ​​in 1Q24.

“While the market experienced softer consumer spending in the first quarter, SJM’s performance remained steady on a sequential basis,” said Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts.

“The property enhancements undertaken throughout 2024 are now coming to fruition, with a pipeline of new offerings set to launch in phases – serving as growth levers for the mass market. Although the near-term macroeconomic outlook presents some headwinds, we remain focused on execution and confident in the long-term fundamentals of Macau’s tourism economy.”

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