SJM Holdings Reports First-Quarter Loss Post-Satellite Exit

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SJM Holdings swung to a first-quarter net loss as Macau’s satellite-casino exit reshaped its revenue mix and market position.

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Key Takeaways:
  • SJM Holdings records HK$62 million net loss in Q1
  • Market share drops to 9.6% amid satellite-casino exit
  • EBITDA margin improves despite revenue decline

The operator said unaudited results showed a loss of HK$62 million (US$7.2 million) in the three months to March 31, compared with a HK$31 million (US$4 million) profit a year earlier.

According to Asian Gaming Brief, gross gaming revenue fell 18.8% to just under HK$6.14 billion (US$784 million), while the company’s Macau market share dropped to 9.6% from 13.5% a year earlier. 

The quarter’s results are the first quarter following the satellite casino exit. SJM’s last satellite casino, Casino Landmark, closed on Dec 30 2025. It was Macau’s final casino satellite to close. 

Margin Holds up Despite Lower Volumes

Even so, SJM said adjusted EBITDA remained relatively steady at HK$917 million (US$117 million), with the margin improving to 15.5% from 12.8%. 

Chairman Daisy Ho said the group was seeing benefits from its new operating structure, adding: “As we transitioned away from the satellite model, the resulting increase in our adjusted EBITDA margin reflects a more streamlined and synergistic operating structure.” 

She said the company would keep investing in property upgrades and guest experience. “We will remain focused on completing our property enhancements and ensuring a superior guest experience in order to create long-term value for our shareholders.” 

Core Resorts Offset Some of the Pressure

Grand Lisboa Palace and Grand Lisboa both posted higher gaming revenue year on year, though profitability at each eased. 

The Cotai resort’s GGR rose 11.7% to HK$1.75 billion (US$224 million), but adjusted property EBITDA fell sharply on higher operating costs. Grand Lisboa’s GGR increased 6.7% to HK$1.92 billion (US$245 million). 

SJM also said the expanded gaming zone at Casino Lisboa helped lift aggregate revenue at its older peninsula properties, per GGRAsia. 

Cash and deposits stood at HK$3.4 billion (US$434 million) against HK$30.2 billion (US$3.86 billion) of debt at quarter-end.

SJM Holdings swung to a HKD429 million loss (US$54.79 million) for fiscal 2025 as it completed a phased shutdown of satellite casinos