Macau’s SJM Holdings reported a loss attributable to owners of the company of HK$429 million (US$55 million) for FY25, citing a slight year-on-year decline in gross gaming revenues due to the phase cessation of satellite casino operations. Eight of the nine satellite casinos operated by SJM at the start of 2025 has since closed down.
According to SJM’s FY25 financial results, GGR fell by 0.7% year-on-year to HK$28.6 billion (US$3.66 billion) with Adjusted EBITDA down 15.0% to HK$3.2 billion (US$409 million). Adjusted EBITDA margin fell from 13.1% to 11.4%.
SJM said the decline was “primarily attributable to elevated reinvestment levels and higher operating costs during the transitional period. Reinvestment intensity has since moderated as part of the Group’s ongoing cost discipline measures.”
The company stated in its results release that, as a result of its satellite casinos closing, Macau market share also fell from 13.1% in 2024 to 11.9% in 2025.
Notwithstanding the satellite impact, SJM noted that its self-promoted portfolio demonstrated resilience with GGR from these properties increasing by 4.6% year-on-year to HK$18.9 billion (US$2.42 billion) and non-rolling (mass) GGR reaching 144% of 2019 levels. The “hotel, catering, retail, leasing and related services operations” segment also recorded a 2.3% year-on-year revenue increase, the company explained.
The improvement in self-promoted casinos included a 15.8% improvement in GGR at Cotai’s Grand Lisboa Palace Resort Macau to HK$6.07 billion (US$776 million), although peninsula property Grand Lisboa saw GGR fall by 2.9% to HK$7.33 billion (US$937 million).
“The fiscal year 2025 marked a period of significant strategic realignment for the Group as we navigated regulatory transition and an increasingly competitive environment,” said Daisy Ho, Chairman and Executive Director of SJM Holdings Limited and Managing Director of SJM Resorts, S.A.
“This groundwork has set the stage for a pivotal 2026. With these major transitions now behind us and portfolio upgrades coming onstream, we are opening an exciting new chapter. We will remain firmly focused on disciplined execution and the delivery of sustainable long-term value for our shareholders.”
