SJM closed 7 Macau satellite casinos rather than acquire them — the economics failed

Macau's satellite casinos were third-party-owned properties that operated under a licensed concessionaire's gaming licence, splitting revenue rather than paying a fixed management fee. The model thrived for decades: satellites earned 55–57% of gross gaming revenue while concessionaires collected the rest and paid Macau's ~40% gaming tax. When Macau reformed its gaming law in 2022, it gave the industry a three-year transition to convert satellites to direct operation — profit-sharing would end, and third parties could earn only management fees.

On 9 June 2025, SJM Resorts announced it would close seven of its nine satellite casinos: Casa Real, Emperor Palace, Fortuna, Grandview, Kam Pek Paradise, Landmark and Legend Palace. Only L'Arc Macau and Ponte 16 survived, with SJM planning to acquire the properties outright. Melco Resorts closed Grand Dragon Casino and three Mocha Club slot lounges. Galaxy Entertainment shut Waldo Casino. All 11 closures took effect by 31 December 2025.

The Macau government estimated 5,600 workers would be displaced, with the three concessionaires pledging to absorb them into directly owned properties. Casino Landmark, the last to go, ceased operations at 23:59 on 30 December 2025 — the final act of a model that had defined Macau's gaming fringe for half a century.