SJM (880) Q3 2024 earnings summary

Executive summary

• Net gaming revenue in Q3 2024 rose 29.2% year-over-year to HK$6,995 million; nine-month net gaming revenue up 41.0% to HK$19,892 million.

• Adjusted EBITDA in Q3 2024 increased 83.2% year-over-year to HK$1,037 million; nine-month Adjusted EBITDA up 169.8% to HK$2,771 million.

• Q3 2024 profit attributable to owners was HK$101 million, reversing a HK$410 million loss in Q3 2023; nine-month loss narrowed to HK$61 million from HK$1,674 million.

Financial highlights

• Total net revenue in Q3 2024 was HK$7,499 million, up 27.8% year-over-year; nine-month total net revenue up 39.9% to HK$21,300 million.

• Adjusted EBITDA margin improved to 13.8% in Q3 2024 from 9.6% in Q3 2023; nine-month margin rose to 13.0% from 6.7%.

• Rolling gross gaming revenue in Q3 2024 surged 132.2% year-over-year to HK$778 million.

Segment performance

• Grand Lisboa Palace Q3 2024 gross revenue was HK$1,777 million, with Adjusted Property EBITDA of HK$165 million, up from negative HK$27 million in Q3 2023.

• Grand Lisboa Q3 2024 gross revenue was HK$2,017 million, Adjusted Property EBITDA HK$545 million, up 46.1% year-over-year.

• Other self-promoted casinos, Jai Alai Hotel, and Sofitel at Ponte 16 Q3 2024 revenue was HK$1,459 million, Adjusted Property EBITDA HK$343 million.

• Satellite casinos Q3 2024 revenue was HK$2,749 million, Adjusted Property EBITDA HK$35 million, up from a loss of HK$80 million in Q3 2023.