Macau casino operator SJM Holdings Ltd’s first-quarter loss fell 32.2% Y/Y to HK$869 million, compared with a loss of HK$1.28 billion in the first three months of 2022.
Adjusted earnings for the first quarter of 2023 before interest, tax, depreciation and amortization (EBITDA) stood at HK$31 million, compared with a negative figure of HK$474 million a year ago, the company said in an unaudited highlight submitted to the Hong Kong Stock Exchange on Monday.
“After years of facing the challenges of the pandemic, SJM has turned an important corner by returning to positively adjusted EBITDA,” Fung chairman Daisy Ho Chiu said in a press release shortly after the results were released. 경마사이트프로
GROUP TOTAL NET PROFIT UP 57.6% Y/Y TO HK$4 BILLION IN THE THREE MONTHS TO MARCH 31. Q1 NET GAME SALES INCREASED 57.7% Y/Y TO HK$3.71 BILLION.
For the first three months of the year, SJM Holdings’s VIP total gaming revenue (GGR) was HK$211 million, down 41.6% year-over-year.
Excluding slot machines, the mass market’s GGR rose 67.0% Y/Y to just under HK$3.44 billion, while the slot GGR increased 81.3% Y/Y to HK$252 million.
“We saw significant revenue growth in both gaming and non-gaming activity during the quarter, particularly as the full-featured Grand Lisboa Palace Resort grew into a growing marketplace,” Ho said Ho. We expect the team to do more in the future.” “As early results in Q2 2023 show, we are optimistic enough about the future of SJM.”
GROUP’S KOTAI RESORT GRAND LISBOA PALACE TOTAL REVENUE INCREASED BY 74.9% TO HK$474 MILLION IN THE FIRST THREE MONTHS OF 2023.
Grand Lisboa Palace’s first-quarter casino GGR rose 98.7% Y/Y to HK$310 million and non-game revenue rose 42.6% to HK$164 million, but the resort’s adjusted assets EBITDA worsened. HK$230 million in the first quarter of 2023, compared with a year earlier.
According to previous corporate data from SJM Holdings, the Versace brand hotel can accommodate 270 rooms.
Grand Lisboa, the group’s main casino hotel on the Macau Peninsula, reported total revenue of HK$992 million, non-gaming revenue of HK$928 million and non-gaming revenue of HK$64 million in the first quarter of 2022.
Grand Lisboa’s adjusted real estate EBITDA was HK$156 million, compared with negative HK$128 million in the first quarter of last year.
The group held nearly HK$4.78 billion in cash, bank balances, short-term bank deposits and bank deposits, with debt just below HK$28.52 billion as of March 31.
SJM Holdings announced in April that its vice chairman and chief executive Ambrose So Shu Fai would retire next month after a 21-year relationship with the group.
“We expect SJM Holdings’ performance to increase significantly over the next two to three years following the lifting of quarantine restrictions on Chinese travelers in early January this year,” Moody’s said in a note released in late March