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SJM Resorts reports flat sequential GGR of US$885 million in 2Q24 as Cotai IR continues to ramp

Ben Blaschke by Ben Blaschke
Tue 27 Aug 2024 at 18:22
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Macau concessionaire SJM Holdings has reported group-wide gross gaming revenues of HK$6.90 billion (US$885 million) in the three months to 30 June 2024, flat compared with the March 2024 quarter but up 30.5% versus the same period in 2023. Non-gaming revenue of HK$448 million (US$57.4 million) was down 1.8% sequentially but up 20.7% year-on-year, while Adjusted EBITDA of HK$871 million (US$112 million) more than doubled the 2Q23 result.

Net loss for the first six months of the year came in at HK$162 million (US$20.8 million), narrowed from HK$1.26 billion (US$162 million) a year earlier.

SJM’s 2Q24 result included steady growth at Cotai integrated resort Grand Lisboa Palace, where GGR grew by 9.3% quarter-on-quarter and 67.5% year-on-year to HK$1.21 billion (US$155 million) – enough to grow the property’s market share to 2.2%. Adjusted Property EBITDA reached HK$104 million (US$13.3 million).

Peninsula property Grand Lisboa was more subdued as GGR declined 5.0% quarter-on-quarter to HK$1.78 billion (US$228 million) on declines in all gaming segments. Adjusted Property EBITDA of HK$475 million (US$60.9 million) was down 11.2% quarter-on-quarter but still 50.1% higher than the same period last year.

At self-promoted casinos Jai Alai and Sofitel at Ponte 16, GGR was flat quarter-on-quarter at HK$1.26 billion (US$162 million) – up 11.3% year-on-year – while Adjusted Property EBITDA was slightly down both quarter-on-quarter and year-on-year to HK$315 million (US$40.4 million).

And at SJM’s satellite casinos, GGR was again flat quarter-on-quarter but up 26.3% year-on-year to HK$2.64 billion (US$338 million), with Adjusted Property EBITDA of HK$22 million (US$2.8 million).

Group-wide, SJM said its mass gaming segment enjoyed a slight 1.1% sequential and 32.7% year-on-year increase in GGR to HK$5.78 billion (US$741 million), with Electronic Gaming Machines performed strongly, up 10.1% and 39.9% respectively to HK$589 million (US$75.5 million). Rolling GGR was more challenged, down 17.5% quarter-on-quarter and up just 4.0% year-on-year to HK$532 million (US$68.2 million).

For the first six months of 2024 combined, group-wide GGR grew by 50.3% year-on-year to HK$13.8 billion (US$1.77 billion) while market share climbed from 11.8% to 12.5%.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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