Macau operator SJM Resorts saw its GGR soar by HK$4,617m, marking a substantial 50.3 per cent year-on-year increase, reaching HK$13,791m for the first half of 2024, with market share increasing to 12.5 per cent.
Macau GGR for the first half decreased by 1.6 per cent quarter-to-quarter, but the group recorded
quarter-to-quarter gains in GGR by 0.1 per cent. Of particular focus, 1H 2024 Non-Rolling GGR for self-promoted casinos reached 135.4 per cent of 1H2019 Non-Rolling GGR, signalling a strong recovery, but also reflecting the Group’s continuous efforts in ramping up its Non-Rolling market segments, as well as the initial promising outcomes from the One Platform initiative launched in late last year, a new centralised operating and service platform which aims to better manage operating costs and improve cross-property synergies.
During the period, market share in terms of GGR for Grand Lisboa Palace Resort Macau stood at 2.1 per cent, and 3.3 per cent for Grand Lisboa Macau, a 0.8 per cent and 0.4 per cent gain respectively year-on-year. The hotel, catering, retail and leasing operations segment also posted a promising growth of 35.7 per cent in revenue, vis-à-vis the six months ended of 2023. The average occupancy rate for the period was 94.2 per cent, 85.9 per cent for the six months ended of 2023.
Grand Lisboa Palace’s gross revenue reached HK$2,956m, buoyed by an increase in GGR to HK$2,325 million and a solid non-gaming revenue contribution of HK$631m. This compares favorably to the previous year’s GGR of HK$1,034m and non-gaming revenue of HK$396m. Adjusted Property EBITDA showed a significant turnaround, registering HK$192m, a robust recovery from a negative HK$292m in the prior year. This financial resurgence underscores a marked recovery trajectory, enhanced revenue
streams and operational optimisation across GLP’s portfolio of offerings. Its occupancy rate for 1H2024 surged to 94.8 per cent.
Grand Lisboa reported a gross revenue of HK$3,800m for the period, driven by a substantial increase in GGR, which reached HK$3,660m, representing a year-on-year increase of 61.5%. Non-gaming revenue also maintained stable progress at HK$140m. Furthermore, GL’s Adjusted Property EBITDA, registering HK$1,010m, represents a recovery from HK$473m in the prior year. This solid performance highlights GL’s resilience and continued popularity. The hotel’s occupancy rate for 1H2024 improved to 98.5 per cent.
Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, said: “Throughout the first half of 2024, the group made significant progress in both gaming and non-gaming sectors, achieving steady growth through continuous innovation and service optimisation. Moving into the latter part of the year, we will intensify our efforts to broaden our food and beverage portfolio, launching a variety of new destination dining outlets and exclusive gastronomic events, alongside advancing the initial phase of the Kam Pek Market revitalization plan. Furthermore, we will be hosting various branded sporting competitions, in the realms of wushu, golf, and tennis. Our commitment to elevating
the Lisboa brand’s international profile continues unabated as we strive to extend Macau’s influence in global markets.”
