Macau concessionaire SJM Holdings has reported a loss of $257 million for the 12 months to 31 December 2023, narrowed from a $997 million loss in 2022 on significantly improved gaming revenues.

The company generated total net revenue of $2.76 billion in 2023, up 224% year-on-year, with gross gaming revenues rising by 229% to $2.71 billion. Adjusted EBITDA of $221 million reversed a $396 million loss in 2022.

While SJM did not separately reveal its 4Q23 performance, the company’s previously released results for Q3 suggest it generated GGR of around $805 million in Q4, up 10% sequentially, and Adjusted EBITDA of around $89.5 million, up 24%.