SJM reports 91% profit drop in Q3

The steep downturn was attributed to the gradual closure of satellite casinos in Macau.

Macau.- SJM Holdings has shared its financial results for the third quarter of the year. The company posted a 91 per cent decrease in profit to HK$9m (US$1.16m) compared to HK$101m (US$13m) in the same period last year amid the cessation of satellite casino operations in Macau.

Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$881m (US$113m), down 15 per cent year-on-year but up 28 per cent sequentially. Net revenue was HK$7.03bn (US$905m), a drop of 6.2 per cent compared to Q3, 2024. Net gaming revenue was down 6.5 per cent year-on-year to HK$6.54bn (US$842m). 

Gross gaming revenue (GGR) was down 4.7 per cent year-on-year at HK$7.17bn (US$919m). The market share decreased to 11.8 per cent, down from 13.9 per cent over the same period of 2024. This was driven by the decrease in market share of satellite casinos from 5.1 per cent to 3.9 per cent. 

Daisy Ho, chairman and executive director of SJM Holdings Limited and managing director of SJM Resorts, commented: “We encountered significant headwinds in the third quarter, driven by the phased cessation of satellite casino operations and intensifying market competition. Yet behind the inevitable disruptions that accompany this transition period, we have been actively realigning our resources, both people and tables, to strengthen our core operations. Our new operating framework is steadily taking shape as planned, positioning SJM to enter 2026 on a stronger footing with a more integrated and resilient platform.”

Grand Lisboa Palace Resort Macau (GLP) 

In the third quarter of 2025, GLP saw revenue of HK$1.9bn (US$246m), driven by an increase in GGR to HK$1.5bn (US$203m) and non-gaming revenue of HK$329m. Adjusted property EBITDA was HK$111m (US$14.3m), compared to negative HK$66m last quarter and HK$165m the same quarter in the prior year. The occupancy rate for the quarter decreased to 94.9 per cent (2024 Q3: 98.9 per cent). 

Grand Lisboa Macau (GL) 

GL saw revenue of HK$2bn (US$257m) for the quarter. GGR decreased year-on-year by 1.8 per cent to HK$1.9bn (US$246m). Adjusted property EBITDA was HK$471m (US$60.6m). The hotel’s occupancy rate was 98 per cent (2024 Q3: 98.9 per cent). 

The group’s other self-promoted casinos, Jai Alai Hotel, Sofitel at Ponte 16 saw non-rolling GGR at 98.8 per cent and adjusted property EBITDA at 85.5 per cent of 2019 pre-pandemic levels.

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The steep downturn was attributed to the gradual closure of satellite casinos in Macau. Macau.- SJM Holdings has shared its financial results for the third quarter of the year. The…