SJM Holdings Reports Phenomenal Growth in Net Gaming Revenue for FY23
Date: 2024-03-07 Author: Dima Zakharov Categories: EVENTS
Remarkable Revenue Surge
SJM Holdings, a prominent name in the gaming sector, has witnessed an extraordinary surge in its net gaming revenue for the fiscal year 2023. The company's NGR soared to HK$20.05 billion, reflecting a remarkable 229.3% increase compared to the previous year.
Recovery and Expansion Efforts
After facing substantial challenges in 2022, including the closure of seven casinos, SJM Holdings embarked on a path of recovery and expansion. Despite the setbacks, the company managed to operate nine satellite casinos by the end of 2023, showcasing resilience and adaptability in the face of adversity.
Positive Outlook for 2024
With Macau's preliminary visitation data indicating a continued recovery trajectory, SJM Holdings remains optimistic about its future prospects. The surge in visitors during the Lunar New Year festivities bodes well for the region's tourism industry, offering promising prospects for SJM's operations in the coming year.
Strategic Investments and Leadership
Under the leadership of Daisy Ho, chair of SJM Holdings Limited and managing director of SJM Resorts, the company has navigated through challenging times and achieved substantial growth. Ho emphasizes the positive trajectory of both gaming and non-gaming revenues, signaling a strong recovery process for SJM Holdings.
Fiscal Performance and Projections
Despite experiencing losses in previous years, SJM Holdings reported a notable improvement in its fiscal performance for 2023. Adjusted EBITDA stood at $1.72 billion, marking a significant turnaround from previous losses. The company's strategic investments and prudent financial management are poised to drive further growth in the upcoming year.
