Macau’s SJM Holdings reported a 7.5% year-on-year improvement in gross gaming revenue to HK$14.8 billion (US$1.90 billion) and an 11.8% increase in non-gaming revenue to HK$1.01 billion (US$130 million) in the first six months of 2025, although it wasn’t enough to prevent a widened loss of HK$182 million (US$23.4 million), up from HK$162 million (US$20.8 million) a year earlier.
According to information filed with the Hong Kong Stock Exchange late Thursday, the company also improved its Macau GGR market share from 12.5% to 12.9% in 1H25, primarily on the continued ramp of Cotai resort Grand Lisboa Palace (GLP) which itself saw market share climb to 2.5%.
GLP recorded total revenue of HK$3.63 billion (US$466 million) on a 26.3% year-on-year increase in GGR to HK$2.94 billion (US$377 million), while non-gaming revenue grew by 9.4% to HK$690 million (US$88.5 million). However, Adjusted Property EBITDA of HK$82 million (US$10.5 million) was down from HK$192 million (US$24.6 million) during the same period last year.
Peninsula property Grand Lisboa recorded total revenue of HK$3.76 billion (US$482 million) on a 2.1% year-on-year decline in GGR to HK$3.58 billion (US$459 million). Adjusted Property EBITDA of HK$863 million (US$111 million) was also 14.6% lower.
SJM said GGR at its other self-promoted casinos grew by 5.4% to HK$2.66 billion (US$341 million) while GGR at its satellite casinos grew by 6.8% to HK$5.65 billion (US$725 million). Those satellites are scheduled to close by the end of this year, with the company revealing Thursday that it will relocate their gaming tables and slot machines to newly acquired floor space at parent company STDM’s Hotel Lisboa.
SJM, which saw Adjusted EBITDA in 1H25 fall by 5.1% to HK$1.65 billion (US$212 million), is also developing a 3-star hotel in a recently acquired building in nearby Hengqin as part of its expansion efforts.
“The two recent acquisitions we announced, including designated property space within Hotel Lisboa and premises within a mixed-use complex directly adjacent to Hengqin Port, provide us with important levers for future growth, helping us strengthen our foundation on the Macau Peninsula while creating headroom for expansion on Cotai,” said Daisy Ho – the Chairman and Executive Director of SJM Holdings and Managing Director of SJM Resorts – in comments accompanying the results announcement.
“They represent meaningful steps in building a more balanced and resilient portfolio, and in gradually extending our reach across a broader customer base and geographic footprint.”
