Macau casino operator SJM Holdings Limited has appointed former NagaCorp executive Tan Sean Czoon as its new chief financial officer, strengthening its senior management team at a time when the company is navigating a challenging earnings environment.
The appointment took effect on 29 June 2026, according to stock exchange filing. Tan succeeds Ip Shih Ming, Christopher, who resigned from the role to pursue personal interests.
The company said Ip confirmed that he had no disagreement with the board of directors and that there were no matters related to his resignation that required the attention of shareholders or the Hong Kong Stock Exchange.
Experienced finance executive joins SJM
Tan, brings more than 25 years of experience in strategic business and financial management. His career spans a Hong Kong-listed company, an international investment bank and a global accounting firm.
He spent almost 13 years at NagaCorp Ltd., joining the company in July 2013. He became chief financial officer in March 2018 before taking on the role of chief corporate development officer in July 2025, which was his most recent position before moving to SJM.
His appointment gives SJM a finance executive with extensive experience in corporate strategy, financial planning and capital management within the gaming industry.
Strong professional background
Tan graduated from The University of Queensland in Australia with a Bachelor of Commerce degree in accounting and finance in 1999. He is a member of Chartered Accountants Australia and New Zealand and also holds the Chartered Financial Analyst (CFA) designation.
His qualifications and experience cover accounting, corporate finance and business development across multiple sectors.
Leadership change follows weaker quarterly results
The management change comes shortly after SJM reported a weaker financial performance for the first quarter of 2026.
The company posted a net loss of HK$62 million ($7.9 million) for the three months ended March 2026. This compared with a HK$31 million ($4 million) profit recorded during the same period a year earlier.
SJM posted adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for Q1 2026 was HK$917 million ($117 million), compared with HK$958 million ($122.2 million) in Q1 2025. Despite the decline in EBITDA, the Group’s Adjusted EBITDA margin improved to 15.5 per cent in Q1 2026 from 12.8 per cent in Q1 2025.
Group-wide gross gaming revenue (GGR) dropped 18.8 per cent year-on-year to HK$6.14 billion ($784 million), while net gaming revenue contracted 22.8 per cent to HK$5.36 billion ($685 million). Overall net revenue fell 21.1 per cent to HK$5.9 billion ($754 million), with market share decreasing to 9.6 per cent from 13.5 per cent a year earlier.
SJM said the decline reflected the absence of contributions from its satellite casinos, following their exit in December 2025. The closure of those operations reduced the group’s earnings base and affected its first quarter performance.
Focus on the next phase
The appointment of Tan comes as SJM continues to adapt its business following changes to Macau’s gaming market and the restructuring of its casino operations.
With extensive experience in financial leadership and corporate development, Tan will oversee the group’s finance function as the company works through its next stage of operations.
SJM did not announce any other changes to its senior management alongside the appointment.
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