SJM Holdings reported a loss attributable to owners of HK$429 million ($55 million) for FY25 as the closure of satellite casinos reduced revenue and increased costs during a transitional period.
Gross gaming revenue (GGR) fell 0.7% year-on-year to HK$28.6 billion ($3.66 billion), while adjusted EBITDA declined 15.0% to HK$3.2 billion ($409 million). Adjusted EBITDA margin dropped to 11.4% from 13.1% the previous year.
SJM attributed the decline to the phased cessation of satellite casino operations, with eight of the nine satellite casinos it operated at the start of 2025 having since closed.
The operator said the drop was “primarily attributable to elevated reinvestment levels and higher operating costs during the transitional period. Reinvestment intensity has since moderated as part of the group’s ongoing cost discipline measures.”
The closures also weighed on market share in Macau, which fell from 13.1% in 2024 to 11.9% in 2025.
Despite the decline, SJM noted its self-promoted portfolio showed resilience. GGR from these properties rose 4.6% year-on-year to HK$18.9 billion ($2.42 billion), while non-rolling mass GGR reached 144% of 2019 levels.
Non-gaming operations, including hotel, catering, retail, leasing, and related services, recorded a 2.3% increase in revenue.
Among individual properties, GGR at Grand Lisboa Palace Resort Macau rose 15.8% to HK$6.07 billion ($776 million), while revenue at Grand Lisboa Macau declined 2.9% to HK$7.33 billion ($937 million).
Daisy Ho, chairman and executive director of SJM Holdings Limited and managing director of SJM Resorts, S.A., said the year marked a period of strategic adjustment for the group.
“The fiscal year 2025 marked a period of significant strategic realignment for the group as we navigated regulatory transition and an increasingly competitive environment,” Daisy Ho said.
“This groundwork has set the stage for a pivotal 2026. With these major transitions now behind us and portfolio upgrades coming onstream, we are opening an exciting new chapter. We will remain firmly focused on disciplined execution and the delivery of sustainable long-term value for our shareholders,” she said.
Original article: https://www.yogonet.com/international/news/2026/03/05/117917-sjm-holdings-posts-55-million-fy25-loss-as-satellite-casino-closures-weigh-on-revenue
