Phased cessation of satellite casinos will produce stronger 2026
SJM Holdings underperformed the Macau market in its third quarter with revenue decreasing by HK$356m year-on-year to a total of HK$7,142m, representing a drop of 4.7 per cent.
The GGR for self-promoted casinos rose by 0.9 per cent year-on-year to HK$4,794m, seeing market share decrease to 11.8 per cent, down from 13.9 per cent over the same period of 2024. The decrease was driven by the decrease in market share of satellite casinos, which dropped from 5.1 per cent to 3.9 per cent.
Ms. Daisy Ho, Chairman and Executive Director of SJM Holdings Limited and Managing Director of SJM Resorts, commented, “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.”
The group recorded a quarterly profit of HK$9 million attributable to owners of the Company. Non-Rolling GGR for self-promoted casinos surged to an impressive 98.8% of the Non-Rolling GGR during the same period in 2019.
In the third quarter of 2025, Grand Lisboa Palace achieved a total revenue of HK$1,909m, driven by an increase in GGR to HK$1,580m and a solid contribution from non-gaming revenue of HK$329m. This performance is a major improvement compared to the previous year’s GGR of HK$1,423m. Occupancy rate for the quarter decreased to 94.9 per cent.
Grand Lisboa Macau reported a total revenue of HK$2,002 m for the quarter, and GGR decreased year-on-year by 1.8 per cent to HK$1,908m. The hotel’s occupancy rate for the quarter decreased to 98 per cent.
During the quarter, SJM advanced its strategic and cultural agenda on multiple fronts. The Group announced the HK$529 million acquisition of former gaming areas at Hotel Lisboa as part of its portfolio realignment, with plans to redeploy gaming assets from satellite casinos to this key location to better serve geocentric customer segments on the Peninsula. The first revitalised zone will soon open, further enhancing synergies across the Lisboa cluster. Regionally, SJM completed the RMB724 million acquisition of select office properties at the Xin De Kou An Shang Wu Zhong Xin for conversion into a three‑star hotel. Strategically positioned near the Hengqin Port, the project addresses Macau’s room constraints and fills a clear market gap, particularly in Cotai, by meeting rising demand for mid‑market accommodation. It will act as a feeder to the Group’s reorganised portfolio, capturing cross‑border visitor flows and driving the sustainable growth of this market segment.
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Phased cessation of satellite casinos will produce stronger 2026 SJM Holdings underperformed the Macau market in its third quarter with revenue decreasing by HK$356m year-on-year to a total of HK$7,142m, representing a drop of 4.7 per cent. The GGR for self-promoted casinos rose by 0.9 per cent year-on-year to HK$4,794m, seeing market share decrease to…
The post SJM underperforms Macau market with closure of satellite casinos biting hard appeared first on G3 Newswire.