Macau, China, May 7, 2026 (Lusa) – Macau gambling operator SJM Holdings recorded a loss of HK$62 million (€6.7 million) in the first quarter of this year.
Net revenues fell 21.1% to HK$5.9 billion (€642 million) during the first full quarter following the permanent closure of the territory's satellite casinos last December, the company announced on Thursday.
The operator's gross gambling revenues retreated 18.8% to HK$6.1 billion (€663 million), while operating profits dropped 4.3% to HK$917 million (€99.5 million).
SJM's market share in Macau shrank to 9.6%, down from 13.5% during the same period in 2025.
The company closed eight casinos last year following legislative changes in Macau that ended the former third-party management model, known as 'satellite casinos'.
These venues, which operated under concessionaires but were managed by other firms, were a legacy of the Portuguese administration that predated the 2002 liberalisation of gambling in the territory.
When the government amended casino legislation in 2022, it established the end of 2025 as the deadline for these gambling spaces to cease activity.
SJM Chair Daisy Ho Chiu-fung said in a press release that the group demonstrated "rigorous operational discipline" during the first quarter under the new direct management model.
Grand Lisboa Palace, the operator's largest property, saw revenues increase to HK$2.07 billion (€224.5 million). However, operating profits fell to HK$58 million (€6.3 million) due to rising costs.
Grand Lisboa recorded revenues of HK$2 billion (€217 million), with operating profits remaining stable at HK$425 million (€46.1 million).
The operator's other casinos, Casino Lisboa, Casino L'Arc Macau, and Casino Oceanus, saw gambling revenues soar by 83.6% year-on-year to HK$2.47 billion (€268 million). Operating profits for these venues rose 44.4% to HK$494 million (€53.6 million).
The company acquired one of the satellite casinos facing closure, Casino Royal Arc, for HK$1.75 billion (€195.2 million). It subsequently obtained government authorisation to manage the space directly.
As the world's gambling capital, Macau remains the only location in China where casino gambling is legal. Six concessionaires operate in the territory under contracts valid until the end of 2033.
During the first four months of this year, the territory's casinos recorded a 12.1% increase in gross gambling results compared to the previous year, totalling 85.8 billion patacas (€9.1 billion).
NCM/RYOL // ADB.
Lusa
