Macau casino firm SJM Holdings Ltd reported a net loss of HKD429.0 million (US$55.8 million) for full-year 2025, according to a Thursday announcement. That compares with a HKD3.0-million profit in the previous year.
In a filing to the Hong Kong Stock Exchange, the group said adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at nearly HKD3.20 billion in 2025, down 15.0 percent year-on-year. Adjusted EBITDA margin was 11.4 percent last year, down from 13.1 percent in 2024.
The company’s main venues are Grand Lisboa, a casino hotel on Macau’s peninsula, and Grand Lisboa Palace (pictured) in the Cotai district.
Total net revenue for the period declined 2.1 percent year-on-year, to HKD28.17 billion. That included HKD26.20 billion in net gaming revenue for the 12 months, down 2.4 percent year-on-year.
SJM Holdings said that it had a 11.9 percent share of Macau’s gross gaming revenue (GGR) in 2025, down from 13.1 percent in full-year 2024.
A separate release on Thursday cited SJM Holdings’ chairman, Daisy Ho Chiu Fung, as saying: “The fiscal year 2025 marked a period of significant strategic realignment for the group as we navigated regulatory transition and an increasingly competitive environment.”
She added: “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.”
Ms Ho also said the company would “remain firmly focused on disciplined execution and the delivery of sustainable long-term value for our shareholders”.
The casino firm said its GGR decreased by 0.7 percent year-on-year in 2025, to just under HKD28.62 billion.
“This overall softness was primarily attributable to the phased cessation of satellite casino operations, which commenced at the end of July 2025 and weighed on the group’s reported market share,” SJM Holdings stated.
Most Macau satellites were under the SJM group’s licence and all but one closed last year as part of city-wide regulatory changes that saw the end of the satellite-casino sector.
During 2025, SJM Holdings paid HKD1.75 billion for the acquisition of Casino L’Arc Macau – formerly a satellite gaming venue – and its associated hotel. The complex became a company-managed venue with effect from December 30.
In order to absorb some of the gaming tables and equipment inventory from its satellite operations, SJM Holdings also acquired certain gaming space at its historic Hotel Lisboa next door.
‘Transitional impact’ and upgrades
The company said in its Thursday press release accompanying the results announcement that despite the “transitional impact,” of the post-satellite era, the group’s self-promoted properties “demonstrated resilience”.
GGR from self-promoted casinos “increased by 4.6 percent year-on-year” to HKD18.85 billion, with non-rolling GGR “reaching 144.4 percent of the comparable 2019 level,” noted the SJM group.
The Grand Lisboa Palace complex recorded total revenue of HKD7.37 billion in full-year 2025, with GGR increasing by 15.8 percent year-on-year, to nearly HKD6.07 billion.
Adjusted property EBITDA at the Cotai resort however amounted to HKD165 million last year, compared with HKD499 million in 2024.
“The decline was primarily attributable to elevated reinvestment levels and higher operating costs during the transitional period,” said SJM Holdings. “Reinvestment intensity has since moderated as part of the group’s ongoing cost discipline measures,” it added.
SJM Holdings said it had HKD3.0 billion of cash, bank balances, short-term bank deposits and pledged bank deposits, and HKD29.3 billion of debt as of December 31, 2025.
The group’s syndicated banking facilities consisted of a HKD10.9 billion term loan and a HKD11.5 billion revolving credit, of which HKD3.6 billion was available as of the end of 2025.
In Thursday’s press release, the casino firm confirmed that the acquired areas at Hotel Lisboa “are being introduced in stages,” with Crystal Palace starting operations in November 2025, “and a second phase scheduled for opening by mid-2026”.
A “remaining portion will be launched within … 2026,” added the company.
The expanded gaming footprint at Hotel Lisboa and the integration of the L’Arc complex, “deepened integration across the Lisboa footprint, further expanded the group’s operational scale within the downtown entertainment cluster, and strengthened its ability to serve geocentrically loyal customers,” noted SJM Holdings.
The company said additionally that both the Grand Lisboa complex and Hotel Lisboa “are undergoing major upgrades through a phased and coordinated programme”.
“More than 400 newly refurbished rooms at Hotel Lisboa will be introduced in the second half of 2026, aligning with the full opening of Crystal Palace,” the firm stated.
“Grand Lisboa Macau is concurrently advancing its room inventory expansion. In parallel, three new self-managed restaurants have been added, and the refurbishment of the Grand Ballroom has been completed,” it added.
In Cotai, Grand Lisboa Palace “has increased table capacity following the satellite transitions,” the firm observed.
“The property has introduced new gaming areas, including the Sky Phoenix West Tower VIP area, and undertaken the conversion of Dragon Pavilion to support premium-mass operations,” SJM Holdings stated.
It added: “Further upgrade works across the main gaming floor and hotel offerings [at Grand Lisboa Palace] will be implemented in phases throughout 2026, aimed at optimising product mix, improving floor efficiency, and enhancing the overall customer experience.”
