Macau's casinos and resorts operator SJM's (0880) turned from a net profit of HK$3.2 million in 2024 to a loss of HK$429 million last year, according to a filing published on Thursday.
The company mentioned that with progressive closure of satellite casinos in accordance with Macau's updated regulatory framework, this phasing out process "resulted in short-term revenue dislocation".
No final dividend will be paid.
SJM's net gaming revenue dropped 2.4 percent to HK$26.20 billion, while the hotel, catering, retail, leasing and other income increased 4.7 percent to HK$2.29 billion.
The adjusted earnings before interest, taxes, depreciation, and amortization decreased 15 percent to HK$3.20 billion.
Grand Lisboa Palace Resort, the integrated resort owned by SJM, recorded a gross revenue of HK$7.37 billion, including gross gaming revenue of HK$6.07 billion and non-gaming revenue of HK$ 1.31 billion.
Besides, Grand Lisboa's gross revenue was HK$7.70 billion, including gross gaming revenue of HK$7.33 billion and non-gaming revenue of HK$365 million.
