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 12 months. 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.
Revenue Hit by Satellite tv for pc On line casino Phaseout
The corporate’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 all the way down to 12.5%, in comparison with 13.8% a 12 months earlier.
Chairman and Govt Director Daisy Ho acknowledged the tough quarter, citing “vital headwinds” from the continued transition. “We encountered vital headwinds within the third quarter, pushed by the phased cessation of satellite tv for pc on line casino operations and intensifying market competitors,” she mentioned in an the official launch (pdf). Regardless of the turbulence, Ho famous that SJM had been “actively realigning our assets, each folks and tables, to strengthen our core operations.”
She added that the corporate’s restructured framework is “steadily taking form as deliberate, positioning SJM to enter 2026 on a stronger footing with a extra built-in 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 12 months earlier and 12.9% within the earlier quarter. The autumn was largely because of weaker efficiency from satellite tv for pc casinos, whose contribution to whole gaming income dropped from 5.1% to three.9%.
The corporate confirmed that a number of satellite tv for pc casinos had ceased operations this 12 months, together with Grandview On line casino, which closed in July, in addition to Grand Emperor and Legend Palace throughout the present quarter. By the top of September 2025, SJM operated eight satellite tv for pc casinos, down from 9 the earlier 12 months.
Regardless of the contraction, Ho described the wind-down as “inevitable” and mentioned it represented a essential step towards long-term stability. The corporate has been redirecting belongings and employees to key properties similar to Grand Lisboa and Grand Lisboa Palace, aiming to consolidate efficiency throughout its core operations.
Property Efficiency 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). Nonetheless, adjusted property EBITDA declined 32.7% to HK$111 million (US$14.3 million), with lodge occupancy easing to 94.9% from 98.9% the earlier 12 months.
In the meantime, 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 Resort, 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).
Regardless of the declines, SJM emphasised continued progress in executing its long-term technique. The corporate lately acquired HK$529 million (US$68 million) price of gaming areas at Resort Lisboa from its mum or dad agency STDM, with plans to relocate tables and slot machines from closing satellite tv for pc properties. The transfer goals to “improve synergies throughout 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). Nonetheless, 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 lodge catering to cross-border vacationers. The corporate 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.
Whereas 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.
