SJM Holdings reported a sharp 91 percent year-on-year decline in profit attributable to owners of the company to HK$9 million ($1.16 million) for the third quarter of 2025, as the Macau casino operator faced headwinds from the phased cessation of satellite casino operations and intensifying competition, according to results released on Wednesday, November 12th.
The company’s net gaming revenue (gross gaming revenue less commissions and incentives) fell 6.5 percent to HK$6.54 billion ($842 million), while total net revenue declined 6.2 percent to HK$7.03 billion ($905 million) from HK$7.5 billion ($965 million) in the same quarter last year. Adjusted EBITDA dropped 15 percent to HK$881 million ($113 million), with the margin narrowing to 12.5 percent from 13.8 percent a year earlier.
SJM said the quarter was marked by ‘significant headwinds,’ primarily stemming from the gradual shutdown of satellite casino operations.
Chairman and Executive Director Daisy Ho noted that while these disruptions were “inevitable”, the company had been “actively realigning resources—both people and tables—to strengthen core operations.” She added that the operator’s new framework was “steadily taking shape as planned, positioning SJM to enter 2026 on a stronger footing with a more integrated and resilient platform.”
In 3Q25, the group’s gross gaming revenue (GGR) dropped 4.7 percent year-on-year to HK$7.14 billion ($919 million). Its market share fell to 11.8 percent from 13.9 percent a year earlier, mainly due to a steep decline in contributions from satellite casinos, whose share contracted from 5.1 percent to 3.9 percent. SJM operated eight satellite casinos as of September 30th, down from nine a year earlier.
At Grand Lisboa Palace Resort, total revenue grew 7.4 percent year-on-year to HK$1.91 billion ($246 million), supported by an 11 percent increase in GGR to HK$1.58 billion ($203 million) in 3Q25. However, adjusted property EBITDA declined 32.7 percent to HK$111 million ($14.3 million), while hotel occupancy eased to 94.9 percent from 98.9 percent.
Grand Lisboa Macau posted total revenue of HK$2 billion ($257 million), nearly flat from HK$2.02 billion ($260 million) a year earlier, while GGR slipped 1.8 percent to HK$1.91 billion ($246 million). The property’s adjusted EBITDA decreased 13.6 percent to HK$471 million ($61 million).
Other self-promoted casinos—including Jai Alai Hotel, Kam Pek Market, and Sofitel at Ponte 16—saw total revenue fall 5.5 percent to HK$1.38 billion ($178 million), with adjusted property EBITDA down 12.5 percent to HK$300 million ($38.6 million).
Year-to-date performance
For the first nine months of 2025, SJM’s total net revenue rose 1.8 percent year-on-year to HK$21.67 billion ($2.79 billion), while net gaming revenue increased 1.4 percent to HK$20.17 billion ($2.60 billion).
However, the company remained in the red, recording a loss attributable to owners of HK$173 million ($22.3 million), widening 183.6 percent from the HK$61 million ($7.85 million) loss in the same period of 2024. Adjusted EBITDA for the period stood at HK$2.53 billion ($325 million), down 8.8 percent from HK$2.77 billion ($357 million) a year earlier.
In its press release, the company highlighted a HK$529 million ($68 million) acquisition of former gaming areas at Hotel Lisboa, as part of its strategy to redeploy gaming assets from satellite venues to core properties on the Macau Peninsula. Regionally, SJM completed the CNY724 million ($93.2 million) acquisition of office properties near Hengqin Port, which will be converted into a three-star hotel to cater to growing mid-market demand and cross-border visitor flows.
As of September 30th, SJM held HK$3.45 billion ($444 million) in cash and equivalents against HK$27.31 billion ($3.51 billion) in debt. Its HK$19 billion ($2.45 billion) syndicated credit facilities include HK$2.7 billion ($348 million) in undrawn revolver capacity.
