SJM Holdings reported a widened loss attributable to company owners of HK$182 million ($23.3 million) in the first half of 2025, a 12.3 percent increase from HK$162 million ($20.8 million) in the same period last year.
The Macau gaming operator’s adjusted EBITDA declined 5.1 percent to HK$1.65 billion ($210.8 million), with an adjusted EBITDA margin of 11.2 percent.
According to financial results released on Thursday, August 28th, 2025, the company’s net gaming revenue rose 5.7 percent to HK$13.63 billion ($1.7 billion) year-on-year in 1H25. Total net revenue increased 6.1 percent to HK$14.64 billion ($1.87 billion) from HK$13.8 billion ($1.77 billion). Despite this revenue growth, SJM maintained its dividend policy of not declaring an interim dividend for the reporting period.
SJM held a 12.9 percent share of Macau’s gross gaming revenue in the first half of 2025, including 16.1 percent of mass market table gross gaming revenue and 3.7 percent of VIP gross gaming revenue. The group’s gross gaming revenue (GGR) reached HK$14.8 billion ($1.9 billion), up 7.5 percent from the previous year. However, commissions and incentives surged 33.4 percent to HK$1.19 billion ($152.8 million), impacting profitability.
Higher operating costs drag GLP’s performance
SJM’s flagship property, Grand Lisboa Palace Resort in Cotai, showed robust revenue growth, with gross revenue climbing 22.7 percent to HK$3.63 billion ($464.4 million). This was driven by gross gaming revenue of HK$2.94 billion ($376.1 million) and non-gaming revenue of HK$690 million ($88.5 million), up from HK$2.33 billion and HK$631 million, respectively, in 1H24. However, higher operating costs led to a 57.3 percent drop in adjusted property EBITDA to HK$82 million ($10.5 million) from HK$192 million ($24.6 million).
Gaming performance improved significantly, with rolling chip volume surging 36.7 percent to HK$25.33 billion ($3.2 billion) and non-rolling volume rising 24.4 percent to HK$9.821 billion ($1.3 billion). Hotel operations also strengthened, with occupancy rates reaching 98.1 percent, up 3.3 percentage points from 1H24, and the average daily room rate increasing 5.7 percent to HK$1,221 ($156).
Satellite casino
The satellite casino segment contributed HK$5.647 billion ($723.3 million) in gross gaming revenue, a 6.8 percent increase from HK$5.29 billion ($677.4 million) in the first half of 2024. Adjusted property EBITDA for satellite casinos improved to HK$153 million ($19.6 million) from a loss of HK$29 million ($3.7 million) in the prior year.
As of June 30th, 2025, SJM operated nine satellite casinos. However, the company plans to cease operations at seven satellite casinos by the end of 2025 as part of a strategic restructuring under Macau’s revised gaming law. Casino Grandview already ceased operations at the end of July 2025, ahead of schedule.
The group maintained HK$3.34 billion ($427.3 million) in cash, bank balances, short-term bank deposits, and pledged bank deposits as of June 30th, 2025. Total debt stood at HK$27.26 billion ($3.49 billion). Syndicated banking facilities included a HK$9 billion term loan and a HK$10 billion revolving credit facility, with HK$3.1 billion remaining undrawn.
