SJM Holdings Q3 Net Revenue Drops 24.8 Percent to HKD5.29 Billion With Swing to Loss
SJM Holdings posted a HKD397 million Q3 loss after net revenue fell 24.8% to HKD5.29 billion and gaming revenue dropped 27.2%. Market share slipped to 9.3% from 11.8% amid softer conditions and renovations. Non-core assets provided earnings momentum with 77.4% revenue growth.
SCCG Take — Renovation timing and cost discipline determined which properties buffered the downturn, signaling operators must sequence capex to limit market share erosion in volatile Macau quarters.
SJM Holdings Ltd recorded a 24.8 percent year-on-year decline in total net revenue for the third quarter to just under HKD5.29 billion (US$673.9 million). The Macau casino operator swung to a HKD397 million loss from a HKD9 million profit in the prior-year period, according to a filing reported by GGRAsia.
Net gaming revenue fell 27.2 percent to just under HKD4.76 billion. Adjusted EBITDA declined 20.0 percent to HKD705 million, while the adjusted EBITDA margin rose 0.8 percentage point to 13.3 percent. SJM Resorts' GGR market share stood at 9.3 percent, down from 11.8 percent a year earlier.
Performance Drivers and Cost Controls
Daisy Ho Chiu Fung, chairman of SJM Holdings and managing director of SJM Resorts Ltd, cited softer market conditions and the temporary impact of renovation works across the portfolio. Ho added that the company is maintaining disciplined cost management and advancing operational optimisation initiatives to protect margins and improve efficiency. Cost controls reduced the third-quarter average daily run-rate by 5 percent sequentially.
Non-gaming revenue from hotel, catering, retail, leasing and related services rose 6.6 percent to HKD530 million. Rolling chip table games GGR was HKD548 million, down 23.0 percent. Non-rolling table games GGR was just over HKD4.40 billion, down 23.3 percent, while electronic game GGR totaled HKD487 million, down 29.2 percent.
Property Performance Variation
Flagship properties faced pressure. Grand Lisboa Palace Resort Macau generated just over HKD1.71 billion in total revenue, down 10.3 percent, with negative adjusted property EBITDA of HKD38 million versus a positive HKD111 million previously. Grand Lisboa Macau revenue was just under HKD1.81 billion, down 9.7 percent, with adjusted property EBITDA of HKD357 million, down 24.2 percent.
Non-core properties including Casino Lisboa, Casino Oceanus at Jai Alai and Casino L’Arc Macau delivered the principal earnings momentum. Their combined revenue grew 77.4 percent to just under HKD2.45 billion, with adjusted property EBITDA up 46.0 percent to HKD438 million. These outcomes occurred as hotel room renovations continued at Hotel Lisboa and phased work scaled up at Grand Lisboa Macau, with deluxe villas and mansions completion targeted ahead of the 2027 Lunar New Year.
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