{"id":777034563,"date":"2025-11-13T08:29:27","date_gmt":"2025-11-13T11:29:27","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777034563"},"modified":"2026-04-21T17:08:57","modified_gmt":"2026-04-21T20:08:57","slug":"sjm-reports-91-profit-drop-in-q3","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/sjm-reports-91-profit-drop-in-q3","title":{"rendered":"SJM reports 91% profit drop in Q3"},"content":{"rendered":"\n<p>The steep downturn was attributed to the gradual closure of satellite casinos in Macau.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Macau.- <strong>SJM Holdings<\/strong> has shared its financial results for the third quarter of the year. The company posted a <strong>91 per cent decrease in profit<\/strong> to HK$9m (US$1.16m) compared to HK$101m (US$13m) in the same period last year amid the <a href=\"https:\/\/focusgn.com\/asia-pacific\/two-more-macau-satellite-casinos-to-cease-operations-this-week\" target=\"_blank\" rel=\"noreferrer noopener\">cessation of satellite casino operations<\/a> in Macau.<\/p>\n\n\n\n<p>Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$881m (US$113m), down 15 per cent year-on-year but up 28 per cent sequentially. <strong>Net revenue<\/strong> was HK$7.03bn (US$905m), a drop of 6.2 per cent compared to Q3, 2024. <strong>Net gaming revenue<\/strong> was down 6.5 per cent year-on-year to HK$6.54bn (US$842m).&nbsp;<\/p>\n\n\n\n<svg class=\"fgn-chart-svg\" width=\"100%\" height=\"auto\" viewBox=\"0 0 800 524\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" role=\"img\">\n  <title>SJM Holdings Financial Results: Q3 2025 vs. Q3 2024 Key Metrics<\/title>\n  <style>\n    .fgn-bg { fill: #F9F9F9; }\n    .fgn-title { font-family: 'Montserrat', sans-serif; font-size: 24px; font-weight: 700; fill: #262526; }\n    .fgn-sub { font-family: 'Montserrat', sans-serif; font-size: 16px; font-weight: 500; fill: #262526; }\n    .fgn-label { font-family: 'Montserrat', sans-serif; font-size: 14px; font-weight: 600; fill: #262526; }\n    .fgn-val-h { font-family: 'Montserrat', sans-serif; font-size: 15px; font-weight: 700; fill: #262526; }\n    .fgn-val-s { font-family: 'Montserrat', sans-serif; font-size: 15px; font-weight: 700; fill: #8D8E90; }\n    .fgn-bar-h { fill: #262526; }\n    .fgn-bar-s { fill: #C9CACD; }\n    .fgn-line { stroke: #DDDDDD; stroke-width: 1; }\n    .fgn-iso { fill: #DDDDDD; }\n  <\/style>\n\n  <rect width=\"800\" height=\"524\" rx=\"16\" ry=\"16\" class=\"fgn-bg\"\/>\n\n  <text x=\"24\" y=\"46\" class=\"fgn-title\">SJM Holdings Financial Results<\/text>\n  <text x=\"24\" y=\"76\" class=\"fgn-sub\">Q3 2025 vs. Q3 2024 Key Metrics (Year-on-Year Change)<\/text>\n  <line x1=\"24\" y1=\"100\" x2=\"776\" y2=\"100\" class=\"fgn-line\"\/>\n\n  <g transform=\"translate(0, 136)\">\n    <text x=\"24\" y=\"0\" class=\"fgn-label\">Profit (HK$9m vs HK$101m)<\/text>\n    <rect x=\"24\" y=\"12\" width=\"560\" height=\"24\" rx=\"6\" ry=\"6\" class=\"fgn-bar-h\"\/>\n    <text x=\"751.2\" y=\"29\" class=\"fgn-val-h\">-91%<\/text>\n  <\/g>\n\n  <g transform=\"translate(0, 216)\">\n    <text x=\"24\" y=\"0\" class=\"fgn-label\">Adjusted EBITDA<\/text>\n    <rect x=\"24\" y=\"12\" width=\"84\" height=\"24\" rx=\"6\" ry=\"6\" class=\"fgn-bar-s\"\/>\n    <text x=\"116.8\" y=\"29\" class=\"fgn-val-s\">-15%<\/text>\n  <\/g>\n\n  <g transform=\"translate(0, 296)\">\n    <text x=\"24\" y=\"0\" class=\"fgn-label\">Net Revenue<\/text>\n    <rect x=\"24\" y=\"12\" width=\"34.72\" height=\"24\" rx=\"6\" ry=\"6\" class=\"fgn-bar-s\"\/>\n    <text x=\"69.72\" y=\"29\" class=\"fgn-val-s\">-6.2%<\/text>\n  <\/g>\n\n  <g transform=\"translate(0, 376)\">\n    <text x=\"24\" y=\"0\" class=\"fgn-label\">Net Gaming Revenue<\/text>\n    <rect x=\"24\" y=\"12\" width=\"36.4\" height=\"24\" rx=\"6\" ry=\"6\" class=\"fgn-bar-s\"\/>\n    <text x=\"71.4\" y=\"29\" class=\"fgn-val-s\">-6.5%<\/text>\n  <\/g>\n\n  <g transform=\"translate(0, 456)\">\n    <text x=\"24\" y=\"0\" class=\"fgn-label\">Gross Gaming Revenue (GGR)<\/text>\n    <rect x=\"24\" y=\"12\" width=\"26.32\" height=\"24\" rx=\"6\" ry=\"6\" class=\"fgn-bar-s\"\/>\n    <text x=\"61.32\" y=\"29\" class=\"fgn-val-s\">-4.7%<\/text>\n  <\/g>\n\n  <g transform=\"translate(755, 480) scale(1.2)\">\n    <path d=\"M9.01953 0C10.2363 4.53917e-05 11.3985 0.241143 12.4766 0.712891C13.5693 1.19154 14.5313 1.8496 15.3379 2.66895C16.1495 3.49335 16.8051 4.46914 17.2852 5.56934C17.7602 6.65658 18 7.82956 18 9.05859C18 9.7154 17.9269 10.3549 17.7881 10.9736C17.6853 10.8247 17.5723 10.6847 17.4463 10.5566C17.1774 10.2835 16.8565 10.0639 16.4922 9.9043C16.1328 9.74705 15.7454 9.66701 15.3398 9.66699C14.9254 9.66699 14.5335 9.74676 14.1738 9.9043C13.8105 10.0639 13.489 10.2835 13.2197 10.5566C12.9493 10.8307 12.7313 11.1562 12.5713 11.5234C12.414 11.8855 12.333 12.2766 12.333 12.6865C12.333 13.0915 12.4133 13.4785 12.5713 13.835C12.7306 14.1973 12.949 14.5183 13.2188 14.7881C13.4876 15.057 13.8085 15.274 14.1729 15.4316C14.4449 15.5497 14.7366 15.6223 15.042 15.6514C14.2995 16.3257 13.4421 16.8789 12.4834 17.2939C11.4033 17.7618 10.2383 18 9.02051 18C7.77703 18 6.59676 17.7618 5.51855 17.2939C4.42571 16.8212 3.46287 16.1709 2.65625 15.3643C1.84661 14.5546 1.191 13.5913 0.712891 12.5039C0.238768 11.4343 0 10.274 0 9.05859C1.42399e-06 7.82857 0.24082 6.6556 0.712891 5.56934C1.19297 4.46717 1.84855 3.49138 2.66016 2.66895C3.46773 1.8496 4.43067 1.19154 5.52051 0.712891C6.5997 0.240114 7.77605 0 9.01953 0ZM4.93652 3.5C4.8196 3.50012 4.72461 3.59496 4.72461 3.71191V3.83496C4.72461 3.90067 4.75544 3.963 4.80762 4.00293L5.54785 4.56836C5.76558 4.73471 5.89355 4.99357 5.89355 5.26758V14.2881C5.89355 14.4051 5.98846 14.5 6.10547 14.5H7.49219C7.60909 14.4999 7.7041 14.405 7.7041 14.2881V10.0186C7.7041 9.90153 7.79899 9.80664 7.91602 9.80664H11.8867C12.0036 9.80649 12.0986 9.71166 12.0986 9.59473V8.42871C12.0986 8.31178 12.0036 8.21694 11.8867 8.2168H7.91602C7.79907 8.2168 7.70422 8.1218 7.7041 8.00488V5.18359C7.70423 5.06668 7.79907 4.97168 7.91602 4.97168H12.9189C13.0358 4.97148 13.1309 4.87666 13.1309 4.75977V3.71191C13.1309 3.59502 13.0358 3.5002 12.9189 3.5H4.93652Z\" class=\"fgn-iso\"\/>\n  <\/g>\n<\/svg>\n\n\n\n<p><strong>Gross gaming revenue (GGR)<\/strong> was down 4.7 per cent year-on-year at HK$7.17bn (US$919m). The market share decreased to 11.8 per cent, down from 13.9 per cent over the same period of 2024. This was driven by the decrease in market share of satellite casinos from 5.1 per cent to 3.9 per cent.&nbsp;<\/p>\n\n\n\n<p><strong>Daisy Ho<\/strong>, chairman and executive director of SJM Holdings Limited and managing director of SJM Resorts, commented: \u201cWe 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.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Grand Lisboa Palace Resort Macau (GLP)&nbsp;<\/h2>\n\n\n\n<p>In the third quarter of 2025, GLP saw revenue of HK$1.9bn (US$246m), driven by an increase in GGR to HK$1.5bn (US$203m) and non-gaming revenue of HK$329m. Adjusted property EBITDA was HK$111m (US$14.3m), compared to negative HK$66m last quarter and HK$165m the same quarter in the prior year. The occupancy rate for the quarter decreased to 94.9 per cent (2024 Q3: 98.9 per cent).&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Grand Lisboa Macau (GL)&nbsp;<\/h2>\n\n\n\n<p>GL saw revenue of HK$2bn (US$257m) for the quarter. GGR decreased year-on-year by 1.8 per cent to HK$1.9bn (US$246m). Adjusted property EBITDA was HK$471m (US$60.6m). The hotel\u2019s occupancy rate was 98 per cent (2024 Q3: 98.9 per cent).&nbsp;<\/p>\n\n\n\n<p>The group\u2019s other self-promoted casinos, Jai Alai Hotel, Sofitel at Ponte 16 saw non-rolling GGR at 98.8 per cent and adjusted property EBITDA at 85.5 per cent of 2019 pre-pandemic levels.<\/p>\n\n\n<div id=\"see-also-container\">\n\t\t\t<span class=\"see-also-label\">See also:<\/span><\/p>\n<div class=\"related-article\">\n\t\t\t\t<img decoding=\"async\" class=\"related-article__thumbnail\" src=\"https:\/\/focusgn.com\/asia-pacific\/wp-content\/uploads\/sites\/5\/2025\/11\/16433821441639579064Macau-to-decide-if-Hong-Kong-visitors-could-enter-casinos-900x600-300x200.jpg\" alt=\"\"><\/p>\n<p class=\"related-article__text\">\n\t\t\t\t\t<span class=\"see-also-label-strong\">See also:<\/span> <a href='https:\/\/focusgn.com\/asia-pacific\/macau-gaming-tax-revenue-rises-6-1-in-10-months'>Macau gaming tax revenue rises 6.1%<\/a>\n\t\t\t\t<\/p>\n<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The steep downturn was attributed to the gradual closure of satellite casinos in Macau.<\/p>\n","protected":false},"author":226,"featured_media":777025863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"SJM Holdings reported a significant 91% decline in Q3 2025 profit to HK$9m, primarily driven by the phased cessation of satellite casino operations in Macau and intensified market competition. Despite a 4.7% reduction in Gross Gaming Revenue (GGR) and a decreased market share, the company achieved a 28% sequential increase in Adjusted EBITDA and is actively implementing a new operating framework to enhance resilience.","focusai_entities":"SJM Holdings, SJM Resorts, Daisy Ho, Grand Lisboa Palace Resort Macau, Grand Lisboa Macau, Jai Alai Hotel, Sofitel at Ponte 16","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (1.0), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Satellite Casino Impact","query":"What is the projected long-term impact of the complete cessation of satellite casino operations on SJM Holdings' GGR and market share beyond 2025, and how will the new operating framework mitigate this?"},{"label":"GLP Profitability Outlook","query":"Given the positive adjusted property EBITDA for Grand Lisboa Palace Resort Macau, what is the management's outlook on its contribution to overall group profitability and its role in offsetting declines from legacy assets in 2026?"}],"footnotes":""},"categories":[16338,163],"tags":[29,24619,257,23108],"class_list":["post-777034563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-casino","tag-finance","tag-macau","tag-sjm-holdings"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777034563","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/226"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777034563"}],"version-history":[{"count":7,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777034563\/revisions"}],"predecessor-version":[{"id":777035842,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777034563\/revisions\/777035842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/777025863"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777034563"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777034563"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777034563"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}