SJM Holdings reported a net loss attributable to shareholders of HK$62 million ($7.9 million) for the first quarter of 2026, compared with a profit of HK$31 million ($4 million) a year earlier, as the full absence of satellite casino contributions weighed on revenue following their exit in December 2025.
Despite the decline in gaming revenue, the Macau gaming operator maintained relatively stable Adjusted EBITDA and improved margins under its new self-operated model.
Group-wide gross gaming revenue (GGR) fell 18.8 percent year-on-year to HK$6.14 billion ($784 million), while net gaming revenue declined 22.8 percent to HK$5.36 billion ($685 million). Total net revenue decreased 21.1 percent to HK$5.9 billion ($754 million). Market share adjusted to 9.6 percent from 13.5 percent in the prior-year period.
Adjusted EBITDA declined 4.3 percent year-on-year to HK$917 million ($117 million), although the Group’s Adjusted EBITDA margin improved to 15.5 percent from 12.8 percent a year earlier.
“In our first full quarter under a self-promoted model, the Group has demonstrated rigorous operational discipline characterized by a significant improvement in efficiency,” said Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A.
“As we transitioned away from the satellite model, the resulting increase in our Adjusted EBITDA margin reflects a more streamlined and synergistic operating structure,” she added. “We will remain focused on completing our property enhancements and ensuring a superior guest experience in order to create long-term value for our shareholders.”
Grand Lisboa Palace posts revenue growth
SJM’s Cotai flagship property, Grand Lisboa Palace Resort Macau, continued its ramp-up during the quarter, recording total revenue of HK$2.07 billion ($264 million), up 7.2 percent year-on-year. The property’s GGR increased 11.7 percent to HK$1.75 billion ($224 million), while non-gaming revenue reached HK$318 million ($40.6 million).
Rolling chip volume at the Cotai resort rose 26.5 percent year-on-year to HK$14.18 billion ($1.81 billion), while rolling revenue increased 32.7 percent to HK$580 million ($74.1 million), which the company said reflected continued improvement in the VIP segment following targeted enhancements.
Despite the revenue increase, Adjusted Property EBITDA at Grand Lisboa Palace fell 61.1 percent year-on-year to HK$58 million ($7.4 million), primarily due to higher operating costs.
Hotel occupancy edged down to 94.6 percent from 98.7 percent a year earlier.
Grand Lisboa and other properties contribute stable performance
Grand Lisboa Macau generated total revenue of HK$2 billion ($256 million), with GGR rising 6.7 percent year-on-year to HK$1.92 billion ($245 million). Adjusted Property EBITDA at the flagship peninsula property was HK$425 million ($54.3 million), compared with HK$440 million ($56.2 million) in the prior-year period.
Meanwhile, SJM’s “Other Properties” portfolio — comprising Casino Lisboa, Casino L’Arc Macau and Casino Oceanus at Jai Alai — reported GGR growth of 83.6 percent year-on-year to HK$2.47 billion ($315 million), supported by the expanded gaming area at Casino Lisboa and contributions from Casino L’Arc Macau following its integration into SJM’s self-operated portfolio. Adjusted Property EBITDA for the segment rose 44.4 percent to HK$494 million ($63.1 million).
