Macau-based SJM Holdings, an investment holding company that owns, develops, and operates casinos and related facilities, (US$970 million) for Q1 2025, reflecting an 8.1 percent year-on-year increase. The company posted a profit of HK$31 million, compared to a loss of HK$74 million in the same quarter last year.
Gaming revenue drives overall growth
The group’s gross gaming revenue (GGR) climbed to HK$7.6 billion, up 9.6 percent from the same period last year. Net gaming revenue (NGR) also rose by 7.5 percent to HK$6.9 billion.
Non-gaming income contributed further to the top line, with new culinary offerings introduced at SJM’s key resorts. This shift reflects the company’s broader strategy to diversify its appeal beyond the casino floor.
Profit returns after a year of recovery
SJM Holdings posted a net profit of HK$31 million for Q1 2025. This marks a clear turnaround from the HK$74 million loss recorded during Q1 2024. While the company remains below pre-pandemic profitability—having earned HK$850 million in Q1 2019—it continues to show improvement quarter by quarter.
Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose to HK$958 million, an increase of 10.9 percent year-on-year. The EBITDA margin stood at 12.8 percent, slightly up from 12.5 percent in the same quarter last year. These results follow a stable Q3 2024, which also saw revenue at HK$7.5 billion and marked the company’s first profitable quarter in nine months.
Grand Lisboa Palace leads the way
Among SJM’s properties, Grand Lisboa Palace Resort Macau (GLP) emerged as the key driver in Q1. GLP generated HK$1.9 billion in revenue, boosted by GGR of HK$1.6 billion—up from HK$1.1 billion in Q1 2024. The property also reported non-gaming revenue of HK$363 million.
Grand Lisboa Macau (GL) followed closely with HK$1.89 billion in total revenue. However, its GGR dropped 4.4percent year-on-year to HK$1.79 billion.
Managing Director’s comment
Commenting on the results, Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A. (“SJM”), commented, “While the market experienced softer consumer spending in the first quarter, SJM’s performance remained steady on a sequential basis. 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.”
Macau market sees continued growth
In early April, Macau’s Gaming Inspection and Coordination Bureau (DICJ) reported a minimal rise in total gaming revenue for March 2025. For the month, total gross gaming revenue (GGR) totaled MOP19.66 billion, marking a modest 0.8 percent increase compared to March 2024. March’s gaming revenue marked a slight decrease of 0.4 percent from February’s figure. March’s figure took the aggregate gaming revenue so far this year to nearly MOP57.66 billion, up 0.6 percent in the same period in 2024.
