The net asset value of Macau’s Sociedade de Turismo e Diversões de Macau (STDM) – the parent company of SJM Holdings Ltd, has risen for a fourth consecutive year, reaching MOP$28.65 billion (US$3.55 billion) in 2025. However, its holdings of time deposits, bank deposits and cash have fallen below MOP$9 billion (US$1.11 billion) according to data disclosed in the government’s Official Gazette on Wednesday.
STDM’s total asset value rose to MOP$31.58 billion (US$3.91 billion) representing a slight increase of 0.6% compared to MOP$31.38 billion (US$3.89 billion) in 2024 – mainly affected by a significant decrease in time deposits, bank deposits and cash.
In 2024, STDM’s time deposits, bank deposits and cash fell below MOP$10 billion (US$1.23 billion) for the first time, reaching MOP$9.46 billion (US$1.17 billion). In 2025, the relevant figure further dropped to MOP$8.39 billion (US$1.04 billion) – a decrease of 11.35% compared to 2024.
In addition, the book value of STDM’s subsidiaries, associates and joint ventures (including SJM) rose to MOP$17.62 billion (US$2.18 billion), a slight increase of about 2.7% compared to 2024.
STDM’s shareholding ratio in SJM has expanded to 64.11%. This change in shareholding originated from SJM Co-Chairman and Executive Director Angela Leong providing 156 million SJM shares to STDM as a pledge/guarantee in December 2025, which significantly increased STDM’s shareholding and interest ratio from the original 61.91%.
However, SJM’s performance was lackluster – affected by the closure of satellite casinos. In the first quarter of 2026, SJM’s total gaming revenue fell by 18.8% year-on-year to HK$6.14 billion (US$784 million) while overall net income also slipped by 21.1% year-on-year to HK$5.9 billion (US$753 million).
