SJM (880) Q1 2025 earnings summary

Executive summary

• Net gaming revenue rose 7.5% year-over-year to HK$6,949 million in Q1 2025, with total net revenue up 8.1% to HK$7,480 million.

• Adjusted EBITDA increased 10.9% to HK$958 million, and profit attributable to owners reached HK$31 million, reversing a loss of HK$74 million in Q1 2024.

Financial highlights

• Adjusted EBITDA margin improved to 12.8% from 12.5% year-over-year.

• Hotel, catering, retail, leasing, and related services revenue grew to HK$531 million from HK$456 million.

• Cash, bank balances, and deposits stood at HK$3,232 million, with total debt at HK$26,739 million as of March 31, 2025.

Segment performance

• Grand Lisboa Palace Resort gross revenue surged 36.2% to HK$1,931 million, with gaming revenue up 41.1% and non-gaming revenue up 18.2%. Adjusted Property EBITDA rose 69.3% to HK$149 million.

• Grand Lisboa's total revenue declined 3.6% to HK$1,887 million, with Adjusted Property EBITDA down 17.8% to HK$440 million.

• Other self-promoted casinos and hotels saw total revenue rise 6.8% to HK$1,419 million, and Adjusted Property EBITDA increased 2.4% to HK$342 million.

• Satellite casinos' GGR grew 7.6% to HK$2,845 million, with Adjusted Property EBITDA swinging to HK$79 million from a loss.