SJM Holdings has reported a dramatic 91% decline in revenue for the third quarter of 2025, with earnings falling to HK$9 million (US$1.16 million) in comparison with HK$101 million (US$13 million) in the identical interval final yr. The steep downturn was largely attributed to the gradual closure of satellite tv for pc casinos and a shrinking market share in Macau’s more and more aggressive gaming sector.
Profit Hit by Satellite Casino Phaseout
The firm’s internet gaming income dropped 6.5% year-on-year to HK$6.54 billion (US$842 million), whereas whole internet income fell 6.2% to HK$7.03 billion (US$905 million). Adjusted EBITDA slipped 15% to HK$881 million (US$113 million), bringing the margin right down to 12.5%, in comparison with 13.8% a yr earlier.
Chairman and Executive Director Daisy Ho acknowledged the tough quarter, citing “significant headwinds” from the continued transition. “We encountered significant headwinds in the third quarter, driven by the phased cessation of satellite casino operations and intensifying market competition,” she stated in an the official launch (pdf). Despite the turbulence, Ho famous that SJM had been “actively realigning our resources, both people and tables, to strengthen our core operations.”
She added that the corporate’s restructured framework is “steadily taking shape as planned, positioning SJM to enter 2026 on a stronger footing with a more integrated and resilient platform.”
SJM’s gross gaming income (GGR) for the quarter fell 4.7% to HK$7.14 billion (US$919 million), whereas its general market share declined to 11.8%, down from 13.9% a yr earlier and 12.9% in the earlier quarter. The fall was largely as a result of weaker efficiency from satellite tv for pc casinos, whose contribution to whole gaming income dropped from 5.1% to three.9%.
The firm confirmed that a number of satellite tv for pc casinos had ceased operations this yr, together with Grandview Casino, which closed in July, in addition to Grand Emperor and Legend Palace through the present quarter. By the top of September 2025, SJM operated eight satellite tv for pc casinos, down from 9 the earlier yr.
Despite the contraction, Ho described the wind-down as “inevitable” and stated it represented a essential step towards long-term stability. The firm has been redirecting belongings and workers to key properties corresponding to Grand Lisboa and Grand Lisboa Palace, aiming to consolidate efficiency throughout its core operations.
Property Performance and Strategic Shifts
At Grand Lisboa Palace Resort, whole income grew 7.4% year-on-year to HK$1.91 billion (US$246 million), supported by an 11% enhance in GGR to HK$1.58 billion (US$203 million). However, adjusted property EBITDA declined 32.7% to HK$111 million (US$14.3 million), with resort occupancy easing to 94.9% from 98.9% the earlier yr.
Meanwhile, the Grand Lisboa property on the Macau Peninsula noticed income stay largely flat at HK$2 billion (US$257 million), with GGR down 1.8% to HK$1.91 billion (US$246 million). Adjusted property EBITDA dropped 13.6% to HK$471 million (US$61 million).
SJM’s different self-promoted casinos—together with Jai Alai Hotel, Kam Pek Market, and Sofitel at Ponte 16—collectively generated HK$1.38 billion (US$178 million) in income, down 5.5% year-on-year, with adjusted property EBITDA falling 12.5% to HK$300 million (US$38.6 million).
Despite the declines, SJM emphasised continued progress in executing its long-term technique. The firm not too long ago acquired HK$529 million (US$68 million) price of gaming areas at Hotel Lisboa from its dad or mum agency STDM, with plans to relocate tables and slot machines from closing satellite tv for pc properties. The transfer goals to “enhance synergies across the Lisboa cluster” and strengthen SJM’s built-in resort portfolio.
For the primary 9 months of 2025, SJM’s whole internet income rose barely by 1.8% to HK$21.67 billion (US$2.79 billion), whereas internet gaming income elevated 1.4% to HK$20.17 billion (US$2.60 billion). However, the corporate nonetheless posted a internet lack of HK$173 million (US$22.3 million), widening from a HK$61 million (US$7.85 million) loss in the identical interval of 2024.
As a part of its realignment, SJM accomplished the CNY724 million (US$93.2 million) buy of workplace buildings close to Hengqin Port, which it plans to transform right into a mid-market resort catering to cross-border vacationers. The firm held HK$3.45 billion (US$444 million) in money and equivalents and HK$27.31 billion (US$3.51 billion) in debt as of September 30.
While the short-term monetary image stays difficult, Daisy Ho underscored SJM’s dedication to operational effectivity and long-term sustainability. She affirmed that the corporate’s restructuring efforts will allow it to “enter 2026 on a stronger footing” with a extra built-in enterprise mannequin centered on high-performing belongings.
