SJM Holdings H1 loss widens as Macau casino market share falls
Adjusted EBITDA improved despite lower gaming revenue following the end of its satellite casino operations.
Macau.- SJM Holdings has reported a loss of HK$294.7m (US$37.6m) for the first half of 2026, up 61.7 per cent from a year earlier. The Macau casino operator’s net gaming revenue fell 22.5 per cent to HK$10.56bn (US$1.3bn), while gross gaming revenue (GGR) declined 18.5 per cent to just over HK$12.08bn (US$1.5bn).
SJM’s share of Macau’s casino GGR market fell to 9.8 per cent, from 12.9 per cent in the first half of 2025. Adjusted EBITDA increased 3.3 per cent to HK$1.70bn (US$216m), with the margin improving to 14.7 per cent.
This was the first full reporting period after the closure of SJM’s satellite casinos at the end of 2025. The company now directly manages its entire casino portfolio.
Grand Lisboa posted a 7.1 per cent increase in GGR to HK$3.84bn (US$480m), while Grand Lisboa Palace saw GGR rise 12.9 per cent to HK$3.32bn (US$423m). However, adjusted property EBITDA at Grand Lisboa Palace fell to HK$22m (US$2m), from HK$82m (US$10m) a year earlier, due to restructuring costs, customer reinvestment and higher operating costs.
SJM said it will continue to focus on improving operational efficiency and strengthening the positioning of its properties following the restructuring of its casino portfolio.
