SJM Holdings Limited (00880) released its audited consolidated annual results for the year ended 31 December 2025. According to the announcement, net gaming revenue amounted to HK$26.20 billion, marking a 2.4% decrease from HK$26.85 billion in 2024. The group’s adjusted EBITDA was HK$3.20 billion, a 15.0% drop from HK$3.76 billion in the previous year. Loss attributable to owners stood at HK$429.00 million, compared with a profit of HK$3.00 million in 2024.
The board of directors has resolved not to recommend any final dividend for the reporting year.
SJM Resorts, S.A. posted net gaming revenue of HK$26.20 billion. Its market share of Macau’s overall gross gaming revenue was 11.9%, including a 15.1% share in the mass market and 3.6% in VIP play. Grand Lisboa Palace Resort’s gross revenue rose to HK$7.37 billion (of which HK$6.07 billion was gaming income and HK$1.31 billion non-gaming), compared to HK$6.58 billion last year. Its adjusted property EBITDA was HK$0.17 billion, versus HK$0.50 billion previously. Meanwhile, Grand Lisboa’s gross revenue reached HK$7.70 billion, compared to HK$7.84 billion in 2024. Its adjusted property EBITDA stood at HK$1.76 billion, down from HK$2.09 billion.
Grand Lisboa Palace Resort recorded an occupancy rate of 96.5%, with an average room rate of HK$1,240. Grand Lisboa posted an occupancy rate of 98.2%, with an average room rate of HK$1,395. As of 31 December 2025, the group held HK$3.01 billion in cash, bank balances, short-term bank deposits, and pledged bank deposits, while total debt amounted to HK$29.25 billion. It also announced syndicated banking facilities comprising a HK$10.90 billion term loan and an HK$11.50 billion revolving credit facility, with HK$3.60 billion remaining available at the year-end.
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