SJM’s Q2 EBITDA growth driven by favourable casino hold, CBRE says
SJM Holdings’ adjusted EBITDA rose 13.9 per cent year-on-year in Q2 2026.
Macau.- SJM Holdings reported adjusted EBITDA of HK$783m (US$100.4m) in the second quarter, up 13.9 per cent year-on-year. However, CBRE Equity Research said normalised EBITDA would have fallen 2.1 per cent after adjusting for hold rates.
The Macau operator improved its market share, which reached 10 per cent, up 40 basis points from the previous quarter. The figure rose each month during the quarter, reaching 10.8 per cent in June, its highest monthly level since the closure of its satellite casinos during late 2025.
Grand Lisboa Palace saw stronger VIP gaming, with GGR up 14.4 per cent year-on-year. However, mass-market GGR fell 3.4 per cent. SJM is renovating its mass gaming floor, with completion expected in the first half of 2027.
Meanwhile, the company has reduced its workforce by 10 per cent over the past seven months as it seeks to lower operating costs following the satellite casino closures. CBRE said further efficiency measures are planned by year-end, with the resulting cash flow expected to support debt reduction. The firm has maintained a hold rating on SJM but cut its price target from HK$2.50 to HK$1.50.
