SJM Q3 revenue declines as satellite casino closures continue

SJM Holdings Limited reported a decline in total revenue for the third quarter (Q3), as the phased cessation of satellite casino operations and intensifying market competition weighed on its performance.

The casino operator posted a Q3 profit of HKD9 million attributable to its shareholders for the three months ended September 30, a sharp decline of 91.1% compared with HKD101 million in the same period last year.

The group’s adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell 15% year-on-year to HKD881 million.

“We encountered significant headwinds in the third quarter, driven by the phased cessation of satellite casino operations and intensifying market competition,” said Daisy Ho, chairman and executive director of SJM Holdings and managing director of SJM Resorts. “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.”

The group’s gross gaming revenue (GGR) declined 4.7% year-on-year to HKD7.142 billion, with self-promoted casinos showing a modest 0.9% rise to HKD4.794 billion. Overall market share fell to 11.8%, down from 13.9% in the same period of 2024, largely due to a drop in satellite casino contributions.

SJM also advanced its strategic agenda, acquiring former gaming areas at Hotel Lisboa for HKD529 million and select office properties near Hengqin Port for RMB724 million to convert into a three-star hotel.

“The project addresses Macau’s room constraints and fills a clear market gap,” the company noted.

Casino Casa Real

to Close

SJM Resorts Ltd announced yesterday that its satellite venue, Casino Casa Real on the Macau Peninsula, will cease operations at 11:59 p.m. on November 21. The closure follows the recent shutdown of Casino Legend Palace on November 12.

With Casa Real’s exit, only five satellite casinos under SJM Resorts’ license will remain in Macau.

In a statement, the Gaming Inspection and Coordination Bureau confirmed it would coordinate closely with the Labour Affairs Bureau to support the relocation of the 285 employees affected by Casa Real’s closure.