Good Morning. Results continue to pour in. In Macau, SJM posted a significant increase in its loss for the first half year, despite seeing improved revenue. The operator continues to struggle to ramp up its Grand Lisboa Palace operation, even as its satellite casinos performed rather well. But those are set to shutter by year end anyway, taking away one of the operator’s revenue streams. But SJM continues to double down on Macau, now purchasing its legacy operation at Hotel Lisboa, for some $68 million, aiming to improve synergy.
What you need to know
- SJM’s 1H25 loss widened 12.3% to $23.3M despite 6.1% revenue growth, as rising costs and commissions weighed on profitability.
- SJM to expand Hotel Lisboa in Macau with $67.8 million acquisition of former gaming space from STDM, boosting casino and non-gaming synergies.
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AGB Intelligence
MACAU
SJM loss widens despite revenue growth
SJM reported a widened loss of $23.3 million in the first half of 2025, a 12.3 percent increase from $20.8 million in the same period last year. The Macau gaming operator’s adjusted EBITDA declined 5.1 percent to $210.8 million, with an adjusted EBITDA margin of 11.2 percent. The satellite casino segment contributed $723.3 million in gross gaming revenue, a 6.8 percent increase. This comes even despite the imminent closure of the group’s satellite operations by year end.
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