SJM posts 2025 loss as satellite casino closures impact results

Revenues edged lower and EBITDA declined amid the phased shutdown of satellite casinos.

Macau.- SJM Holdings Limited has reported a HK$429m (US$55m) loss for 2025 amid the phased closure of satellite casinos under Macau’s updated regulatory framework. The result for the year ended December 31, 2025, compared with a profit of HK$3m (US$0.4m) in 2024. Net revenue fell 2.1 per cent to HK$28.17bn (US$3.6bn).

Gross gaming revenue (GGR) declined 0.7 per cent to HK$28.62bn (US$3.7bn), while adjusted EBITDA fell 15 per cent to HK$3.2bn (US$410m). The EBITDA margin narrowed to 11.4 per cent from 13.1 per cent in the prior year, while market share slipped from 13.1 to 11.9 per cent.

The company said the results were largely influenced by the phased cessation of satellite casino operations, which began in late July and accelerated during the fourth quarter. It said its self-promoted portfolio demonstrated resilience. Gross gaming revenue from directly operated casinos increased 4.6 per cent year-on-year to HK$18.85bn (US$2.4bn). Meanwhile, non-gaming revenues, including hotel, catering, retail and related services, rose 2.3 per cent to HK$1.97bn (US$250m). 

Grand Lisboa Palace Resort Macau generated HK$7.37bn (US$940m) in revenue during the year, with gaming revenue rising to HK$6.07bn (US$780m). However, adjusted property EBITDA fell to HK$165m (US$21m) due to higher operating costs and reinvestment during the transition. 

Meanwhile, Grand Lisboa Macau generated revenue of HK$7.7bn (US$990m), with gaming revenue declining 2.9 per cent year-on-year and EBITDA falling to HK$1.76bn (US$225m)

Chairman Daisy Ho said: “The fiscal year 2025 marked a period of significant strategic realignment for the group as we navigated regulatory transition and an increasingly competitive environment,” Ho said in the results statement. . 

Looking ahead, the company said the completion of satellite casino closures will allow it to consolidate resources across its directly operated properties, redeploy gaming tables and focus on upgrades across its Macau Peninsula portfolio. Management added that the group will prioritise cost discipline, operational efficiency and portfolio enhancements to support growth.

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Revenues edged lower and EBITDA declined amid the phased shutdown of satellite casinos. Macau.- SJM Holdings Limited has reported a HK$429m (US$55m) loss for 2025 amid the phased closure of satellite casinos under Macau’s updated regulatory framework. The result for the year ended December 31, 2025, compared with a profit of HK$3m (US$0.4m) in 2024….