Macau-based operator SJM Holdings has posted a net loss for the full-year 2025, with the enforced closure of the operator's satellite casinos having a clear negative impact on results.
The organization made a loss totaling HK$429m (US$55m), but with the restructuring process now complete, SJM Holdings is looking forward to a more successful 2026
The newly released results show that the company recorded net revenue of approximately HK$28.2bn ($3.6bn) last year, down about 2% year-on-year.
Gross gaming revenue also slipped very slightly, down 1% to HK$28.6bn, while adjusted EBITDA fell a steeper 15% to around HK$3.2bn. The company's margin narrowed to 11.4% from 13.1% the previous year.
The group’s net loss of HK$429m will have been a particular disappointment when compared with the small profit made in 2024, though the phased closure of satellite casinos enforced by Government was clearly a driving factor here.
The regulatory reforms required casino activities in Macau to be conducted only in properties directly owned by licensed concessionaires rather than third-party venues.
Despite the transition, SJM said its self-promoted casinos demonstrated resilience, with GGR from directly operated properties increasing 4.6% to HK$18.9bn.
Meanwhile, non-gaming revenue, including hotels, retail and catering, rose 2.3% to roughly HK$2bn, highlighting the success of the company’s wider strategy.
How did SJM's different properties perform?
Performance varied across properties – for instance, Grand Lisboa Palace Resort Macau generated HK$7.4bn in revenue, though its adjusted property EBITDA declined due to higher operating costs and ongoing reinvestment during the transition period.
SJM’s flagship property, Grand Lisboa Macau, reported HK$7.7bn in revenue, with EBITDA falling as gaming revenue softened slightly.
Management highlighted the redistribution of staff and resources that came with the satellite casino wind-down, but argued that in the long term, the restructuring will ultimately create a more efficient operating model.
Ms. Daisy Ho, Chairman and Executive Director of the group, said: "We will remain firmly focused on disciplined execution and the delivery of sustainable long-term value for our shareholders.”
SJM Holdings was the Macau operator forced to close the most satellite casinos
