SJM Holding reported net gaming revenue of HK$13.63bn for the first half of 2025, up 6% year on year.
SJM’s first-half revenue growth gives investors a measure of its gaming performance.
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Success Universe reported a net loss of just under HKD410.4 million for 2025, compared with a profit of HKD93.4 million the previous year. The company attributed an impairment loss of just under HKD340.7 million to the closure of Casino Ponte 16 on 29 November 2025; it said it remained committed to the project and would focus on the property’s non-gaming assets and hospitality options.
SJM recorded a $55 million loss for FY25 after closing its satellite casino operations in Macau during the year. Its Grand Lisboa Palace property saw revenue growth, while the group redeployed gaming tables and opened new gaming areas to support revenue.
Macau's six casino concessionaires signed on as limited partners in the Macau SAR Government Guidance Fund on 23 October, committing a combined MOP9bn ($1.12bn). With MOP11bn from fiscal reserves, the fund starts with about MOP20bn ($2.48bn). Commitments count toward the operators' non-gaming investment pledges under concessions running to 2032.
Macau Prosecutor General Tong Hio Fong proposed reviewing the law on unlicensed currency exchange for gambling, citing difficulties proving that suspects near casinos operate a business. The Public Prosecutions Office recorded 493 such cases in the 2025/2026 judicial year, up 20.2% year on year; Tong proposed objective criteria for determining whether an activity constitutes a business.
Fitch said slower earnings growth and heavy capital spending are keeping leverage high among gaming operators in Asia-Pacific, with recent downgrades linked to company-specific pressures. It expects Genting Bhd's net leverage to remain above 4.0 times over the next three years and Genting New York's annual capital spending to average around US$800 million over the medium term.