Portuguese casino operator Estoril Sol, controlled by Macau’s Sociedade de Turismo e Diversões de Macau (STDM), recorded a €25.3 million ($28.8 million) loss attributable to shareholders of the parent company in 2025.
The result widened from a €12.1 million ($13.8 million) attributable loss in 2024, according to the company’s annual report released on July 20th.
The group’s consolidated net loss reached €17.9 million ($20.4 million), compared with €4.8 million ($5.5 million) a year earlier.
Estoril Sol said the result was mainly affected by weaker revenue and higher operating costs linked to its Estoril gaming concession, which covers Casino Estoril and Casino Lisboa.
The group recognized a €13.2 million ($15.1 million) impairment on assets associated with the concession and a separate €3.3 million ($3.8 million) restructuring provision.
Combined land-based and online gaming revenue fell 2 percent to €207.3 million ($236.5 million). Land-based casino revenue declined 4 percent, while online revenue increased 3 percent. Consolidated EBITDA fell 12 percent to €25.4 million ($29 million).
STDM controls Estoril Sol through Finansol, which held a 57.79 percent stake at the end of 2025. The Macau company is also the 54.81 percent controlling shareholder of Hong Kong-listed SJM Holdings. SJM Holdings owns SJM Resorts, one of Macau’s six gaming concessionaires and the operator of Grand Lisboa and Grand Lisboa Palace.
Estoril Sol’s concession for Casino Póvoa ended on April 30th, 2026 after the group declined to bid for a new term. However, the casino remained profitable in 2025, generating approximately €5 million ($5.7 million).
The report also said subsidiary Estoril Sol III needs an equity injection of approximately €35 million ($39.9 million) to comply with Portuguese gaming-law requirements.
