Macau’s SJM Holdings saw its profit tumble by 91% year-on-year to HK$9 million (US$1.2 million) in 3Q25 – down from HK$101 million (US$13.0 million) a year earlier on the early closure of some satellite casinos and falling market share at its peninsula integrated resort Grand Lisboa.
Gross gaming revenue for the period was down 4.7% year-on-year to HK$7.14 billion (US$919 million), which also represented a 1.8% decline compared with the June 2025 quarter. Adjusted EBITDA was also down 15.0% year-on-year but up 28.0% sequentially to HK$881 million (US$113 million).
In comments accompanying SJM’s results announcement, the company’s Chairman and Executive Director, Daisy Ho, said, “We encountered significant headwinds in the third quarter, driven by the phased cessation of satellite casino operations and intensifying market competition.
“Yet behind the inevitable disruptions that accompany this transition period, we have been actively realigning our resources, both people and tables, to strengthen our core operations. Our new operating framework is steadily taking shape as planned, positioning SJM to enter 2026 on a stronger footing with a more integrated and resilient platform.”
SJM noted that it underperformed the market in Q3, with GGR market share falling from 13.9% a year ago and 12.9% in 2Q25 to 11.8% – mainly due to a decrease in market share of satellite casinos from 5.1% to 3.9%. SJM has been winding down its satellite operations including closing Grandview Casino in July. Grand Emperor and Legend Palace are among those to have closed during the current quarter.
Elsewhere, GLP saw GGR reach HK$1.58 billion (US$203 million), up 11.0% year-on-year, although Adjusted EBITDA fell from HK$165 million (US$21.2 million) a year earlier to HK$111 million (US$14.3 million). Hotel occupancy also decreased from 98.9% in 3Q24 to 94.9%.
At peninsula property Grand Lisboa, GGR fell 1.8% year-on-year to HK$1.91 billion (US$246 million) and Adjusted Property EBITDA by 13.6% to HK$471 million (US$60.6 million).
Despite a tough quarter, SJM said it was progressing with its strategic agenda and would soon open the first “revitalized zone” at Hotel Lisboa following acquisition of additional gaming area within the hotel’s casino from its parent company STDM with a view to relocating gaming tables and machines from closing satellites.
This, is said, would “further enhance synergies across the Lisboa cluster”.
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