SJM Holdings managing director Daisy Ho ranks 12th in the 2025 Asian Gaming Power 50 profile. It says SJM plans to acquire two satellite casinos, Ponte 16 and L’Arc, and has announced a deal to buy additional casino space at Lisboa Hotel as Macau’s satellite casino sector is due to close by year-end.
SJM’s planned acquisitions and casino-space deal concern its response to Macau’s satellite casino closures.
The day’s most important stories, free. One email a day.
Moody’s expects SJM Holdings’ financial leverage to improve in 2026, with higher EBITDA and modest debt reduction bringing the ratio to about 6.0x. It estimates leverage reached 8.3x to 8.7x at the end of 2025 and says liquidity should remain good, while maintaining a negative outlook because of uncertainty over earnings and customer retention.
Fitch assigned a BB- rating to proposed senior unsecured notes from SJM International, guaranteed by SJM Holdings, and maintained a Negative outlook. It expects SJM’s EBITDA leverage to rise above eight times in 2025 before easing to around five times by 2027, citing Grand Lisboa Palace performance and market-share losses.
Fitch expects SJM Holdings to recapture at least half of the market share from its closed satellite casinos, based on its use of reassigned tables at self-owned properties. SJM said management saw an improved ability to retain that business in Q4 2025 compared with Q3; the full effect of the closures and table transfers may not become clear until well into 2026.
At least nine of Macau’s 11 satellite casinos are expected to close by year-end, with SJM planning to shut seven and negotiating over two others. A University of Macau academic said moving tables and electronic gaming machines to directly managed properties could improve margins, while labour costs would weigh on the business.
SJM Holdings recorded total net revenue of HK$5.29 billion in the third quarter of 2026, down 24.8% year on year. The available company-results report says the group moved to a loss, but provides no further figures.
SJM Holdings reportedly recorded total net revenue of HK$5.29bn in Q3 2026, a decline of 24.8%.