Macau, 28 August 2025 — SJM Holdings has revealed a mixed performance in the first half of 2025. While its gross gaming revenue (GGR) climbed nearly 12% to HK$14.8 billion (US$1.90 billion) and non-gaming revenue rose 11.8% to HK$1.01 billion (US$130 million), the company nonetheless recorded a widened net loss of HK$182 million (US$23.4 million)—compared to a loss of HK$162 million (US$20.8 million) in the same period a year earlier.

Performance Highlights

• Macau GGR market share improved slightly, from 12.5% to 12.9%. This uptick was primarily driven by the continued ramp-up of the Grand Lisboa Palace (GLP) property, whose market share on its own rose to 2.5%.

• GLP delivered strong growth, with its GGR surging 26.3% year-on-year to HK$2.94 billion (US$377 million). Total revenue reached HK$3.63 billion (US$466 million) and non-gaming revenue increased 9.4% to HK$690 million (US$88.5 million). However, Adjusted Property EBITDA plunged from HK$192 million (US$24.6 million) in 1H 2024 to HK$82 million (US$10.5 million) in the same period of 2025.

• The Peninsula property Grand Lisboa saw GGR fall by 2.1% to HK$3.58 billion (US$459 million), with total revenue of HK$3.76 billion (US$482 million). Its Adjusted Property EBITDA dropped 14.6% to HK$863 million (US$111 million).

• Other self-promoted casinos recorded 5.4% growth in GGR (HK$2.66 billion / US$341 million), while satellite casinos grew 6.8% to HK$5.65 billion (US$725 million). However, these satellite casinos are slated for closure by the end of the year, and SJM plans to relocate their gaming tables and slot machines to new space at STDM’s Hotel Lisboa.

• Overall Adjusted EBITDA for SJM fell 5.1% to HK$1.65 billion (US$212 million).

Strategic Outlook: Daisy Ho Speaks

Daisy Ho, Chairman and Executive Director of SJM Holdings and Managing Director of SJM Resorts, highlighted the importance of the company’s latest property acquisitions in her comments accompanying the results.

“The two recent acquisitions we announced, including designated property space within Hotel Lisboa and premises within a mixed-use complex directly adjacent to Hengqin Port, provide us with important levers for future growth, helping us strengthen our foundation on the Macau Peninsula while creating headroom for expansion on Cotai,” said Daisy Ho.

“They represent meaningful steps in building a more balanced and resilient portfolio, and in gradually extending our reach across a broader customer base and geographic footprint.”

What This Means for SJM

1. Resilient but Challenged Performance
   Despite double-digit revenue growth across gaming and non-gaming verticals, tight margins and underperforming operational outputs—especially at GLP—are padding the bottom line losses.

2. Repositioning Ahead of Satellite Closure
   With satellite properties set for closure, SJM is taking proactive steps to integrate operations into newly acquired prime locations. This strategic repositioning could enhance operational efficiencies and boost revenue in the longer run.

3. Signaling Long-Term Stability
   Daisy Ho’s emphasis on geographic expansion—particularly across Cotai and the Peninsula, including the emerging Hengqin market—suggests a deliberate pivot toward a less concentrated and more adaptable business model.

4. Operational Efficiency Needed
   The stark drop in profit margins, especially at GLP, underscores the need for tighter cost control and better-performing assets to turn top-line growth into sustainable profitability.