SJM Holdings Limited has released its unaudited interim results for the six months ended 30 June 2025, revealing a 5.7 percent increase in net gaming revenue to HK$13,628 million (US$1,745 million). However, the group’s adjusted earnings before interest, tax, depreciation, and amortisation (adjusted EBITDA) saw a modest decrease of 5.1 percent, reaching HK$1,646 million (US$211 million). The loss attributable to owners of the company widened slightly to HK$182 million (US$23 million).
The company’s subsidiary, SJM Resorts, held a 12.9 percent share of Macau’s gross gaming revenue during the period. Property-specific performance showed varied results. Grand Lisboa Palace Resort’s gross revenue rose to HK$3,626 million (US$464 million), with its hotel occupancy increasing to 98.1 percent. Conversely, Grand Lisboa’s total revenue experienced a slight decline to HK$3,760 million (US$481 million), although its hotel occupancy remained robust at 98.6 percent.
Looking ahead, SJM Holdings is actively pursuing several strategic initiatives. In July 2025, the group announced the acquisition of office and retail units near Hengqin Port for approximately 724 million yuan (US$100 million). These premises are slated to be converted into a three-star hotel with around 250 rooms, aiming to cater to the growing mid-market accommodation demand and enhance Macao’s accessibility for mainland Chinese travellers.
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In line with Macao’s revised gaming law, SJM is also optimising its satellite casino operations. The company plans to cease operations at seven satellite casinos by the end of 2025, with one, Casino Grandview, already having closed in July 2025. This move aims to centralise gaming tables and slot machines in self-owned locations, granting SJM full control over product and service standards.
Of particular interest for the Macao peninsula, SJM plans to acquire approximately 7,504 square metres of former gaming space within Hotel Lisboa from its controlling shareholder for HK$529 million (US$68 million). This expansion of Casino Lisboa is intended to integrate redeployed gaming assets from the closing satellite casinos, strengthening the combined footprint of Grand Lisboa and Hotel Lisboa as the largest integrated resort on the peninsula. This initiative seeks to consolidate SJM’s leadership in the area, increase non-gaming spend, and better target the VIP and premium-mass segments.
The company also highlighted a strong pipeline of new culinary and MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities, with licensing expected within the year. These additions, including new dining outlets at Grand Lisboa Palace Resort and refurbished function rooms at Grand Lisboa, are poised to drive revenue and enhance Macao’s appeal for high-value and corporate travellers.
