SJM Holdings Revenue Reports HKD429 Million Loss in 2025 

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SJM Holdings swung to a HKD429 million loss for fiscal 2025 as it completed a phased shutdown of satellite casinos and refocused on a smaller portfolio of flagship properties. 

SJM Holdings as gaming revenue declines

Key Takeaways:

  • SJM Holdings shifts focus after satellite casino closures
  • Losses driven by regulatory changes and market adjustments
  • Strategic realignment aims for recovery in 2026

According to the company filing, group gross gaming revenue edged down to HKD28.6 billion while adjusted EBITDA fell 15% to HKD3.20 billion, compressing margins to 11.4%. 

“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 in the audited results. 

The retreat from satellite venues reduced SJM’s Macau market share to 11.9% from 13.1% a year earlier. Non-gaming revenues, hotels, food and beverage, retail and leasing, provided some offset with modest growth.

Property Revenue Reflects Transition

Self-promoted properties partially offset the hit: gross gaming revenue from those venues rose 4.6% to HKD18.9 billion while non-gaming revenue, hotels, catering, retail and leasing, grew 2.3% to HKD1.97 billion. 

Yet adjusted EBITDA fell 15% to HKD3.2 billion and margins compressed to 11.4% as elevated reinvestment and higher operating costs weighed on profitability at flagship assets including Grand Lisboa Palace and Grand Lisboa Macau.

The restructuring comes at a time when Macau’s broader casino market is showing signs of gradual recovery. The city’s gaming revenues have begun to claw back momentum in early 2026 after a volatile start to the year. This was supported by improving visitation and steady mass-market demand. Additionally, Galaxy Entertainment Group reported robust 2025 performance, with adjusted EBITDA rising to HKD14.5 billion and net revenue climbing to HKD49.2 billion.

The company says reinvestment levels have moderated and that portfolio upgrades and disciplined cost measures position SJM for recovery in 2026.