SJM Holdings posts $4M profit amid revenue growth in 1Q25

Macau gaming operator SJM Holdings returned to profitability in the first quarter of 2025, recording a profit of HK$31 million ($4 million), compared to a loss of HK$74 million ($9.5 million) in the same period last year.

Net gaming revenue rose 7.5 percent year-on-year to HK$6.95 billion ($890 million). Gaming revenue, net of commissions and incentives of HK$602 million ($77 million), earned by SJM Resorts, S.A., a subsidiary of the company, totaled HK$6.95 billion ($890 million) in 1Q25.

According to the financial results, the group’s syndicated banking facilities comprise a HK$9 billion ($1.16 billion) term loan and a HK$10 billion ($1.29 billion) revolving credit facility, of which HK$3.8 billion ($490 million) remained undrawn as of 31st March 2025.

Total net revenue increased 8.1 percent to HK$7.48 billion ($958 million) for the quarter. Adjusted EBITDA rose 10.9 percent year-on-year to HK$958 million ($123 million), with the Adjusted EBITDA margin improving by 0.3 percentage points to 12.8 percent.

The company’s flagship Cotai property, Grand Lisboa Palace, has surpassed Grand Lisboa in performance, driven by a gradual ramp-up. The resort generated total revenue of HK$1.93 billion ($247 million) in 1Q25, up 36.2 percent year-on-year. Gross gaming revenue (GGR) rose 41.1 percent to HK$1.57 billion ($201 million).

Meanwhile, Grand Lisboa Hotel, located on the Macau Peninsula, reported a 3.6 percent decline in total revenue to HK$1.89 billion ($242 million), with GGR falling 4.4 percent to HK$1.79 billion ($229 million).

Other self-promoted casinos, including Jai Alai Hotel, Kam Pek Market, and Sofitel at Ponte 16, reported total revenue of HK$1.42 billion ($182 million), up 6.8 percent. GGR in this segment grew 6.6 percent to HK$1.34 billion ($172 million).

In the satellite casino segment, GGR improved 7.6 percent year-on-year, rising from HK$2.64 billion ($338 million) to HK$2.85 billion ($365 million).

Notably, nine satellite casinos currently operate under SJM’s license. The transitional period for these operations is scheduled to end on 31st December 2025. As of now, no official decision has been announced regarding their future.