Macau concessionaire SJM Holdings reported group-wide gross gaming revenue of HK$6.90 billion (US$885 million) for the three months ended June 30, 2024. That’s flat from the March 2024 quarter but up 30.5% from the same period in 2023. Non-gaming revenue of HK$448 million (US$57.4 million) declined 1.8% sequentially but rose 20.7% year-on-year, while adjusted EBITDA of HK$871 million (US$112 million) more than doubled second-quarter 2023 earnings.
The quarterly result included steady growth at the integrated Cotai resort Grand Lisboa Palace, where GGR increased 9.3% quarter-on-quarter and 67.5% year-on-year to HK$1.21 billion (US$155 million) – enough to boost the property’s market share to 2.2%. Adjusted property EBITDA reached HK$104 million (US$13.3 million).
The Peninsula property Grand Lisboa was a little more subdued, with GGR falling 5.0% quarter-on-quarter to HK$1.78 billion (US$228 million), driven by declines across all gaming segments. Adjusted property EBITDA of HK$475 million (US$60.9 million) was 11.2% lower quarter-on-quarter, but still 50.1% higher than the same period last year.
At the self-promoted casinos Jai Alai and Sofitel at Ponte 16, GGR remained flat quarter-on-quarter at HK$1.26 billion (US$162 million), up 11.3% year-on-year, while adjusted property EBITDA decreased slightly 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 increased 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).
SJM said the mass gaming segment group-wide saw a slight increase in gross revenue of 1.1% quarter-on-quarter and 32.7% year-on-year to HK$5.78 billion (US$741 million), with electronic gaming machines showing a strong performance, rising 10.1% and 39.9% respectively to HK$589 million (US$75.5 million). Rolling gross revenue was more difficult, declining 17.5% quarter-on-quarter and only 4.0% year-on-year to HK$532 million (US$68.2 million).
For the first six months of 2024 as a whole, group-wide GGR increased 50.3% year-on-year to HK$13.8 billion (US$1.77 billion), while market share climbed from 11.8% to 12.5%.
