Daisy Ho, chairman and executive director of SJM Holdings and managing director of SJM Resorts S.A., noted the company’s strategic pivot in comments accompanying the audited results released last week.

“The fiscal year 2025 marked a period of significant strategic realignment for the group as we navigated regulatory transition and an increasingly competitive environment,” Ho said.

The closures also weighed on market share in Macau, which fell from 13.1% in 2024 to 11.9% in 2025.

Gross gaming revenue fell 0.7% to HKD28.6 billion, with net gaming revenue sliding 2.4% to HKD26.2 billion. Non-gaming segments showed resilience, as hotel, catering, retail, leasing and related services revenues rose 2.3% to HKD1.97 billion.

Adjusted earnings before interest, taxes, depreciation and amortization dropped 15% to HKD3,198 million, trimming the margin to 11.4% from 13.1%.

Despite the decline, SJM noted its self-promoted portfolio showed resilience.

GGR from these properties rose 4.6% year-on-year to HKD18.9 billion (USD2.42 billion), while non-rolling mass GGR reached 144% of 2019 levels.

“This groundwork has set the stage for a pivotal 2026. With these major transitions now behind us and portfolio upgrades coming onstream, we are opening an exciting new chapter. We will remain firmly focused on disciplined execution and the delivery of sustainable long-term value for our shareholders,” said Ho.

Per the filing, GLP generated HKD7.37 billion in total revenue for 2025, with gross gaming revenue climbing to HKD6.06 billion from HKD5.24 billion in 2024. Non-gaming revenue hit HKD1.3 billion.

Adjusted property EBITDA, however, fell to HKD165 million from HKD499 million. The company detailed that this was due “to elevated reinvestment levels and higher operating costs during the transitional period. Reinvestment intensity has since moderated as part of the Group’s ongoing cost discipline measures.”

Hotel occupancy at GLP in 2025 declined to 96.5%, from 97.0% in 2024.

Meanwhile, Grand Lisboa Macau posted HKD7.697 billion in total revenue, as gross gaming revenue dipped 2.9% to HKD7.332 billion. Adjusted property EBITDA fell to HKD1.758 billion from HKD2.094 billion. Hotel occupancy there also fell to 98.2% from 98.7%.