Content Writer: Janice Chew • Wednesday, 26/08/2026 - 15:30:51 - PM
SJM Holdings reported a wider loss for the first half of 2026 as the group completed its transition away from Macau’s satellite casino model, but underlying performance across its directly operated properties showed encouraging signs.
The group recorded a HK$294.7 million (US$37.6 million) net loss for 1H26, up 61.7% from a year earlier. Group GGR fell 18.5% to around HK$12.1 billion, largely because the comparison period in 2025 still included contributions from satellite casinos that have since closed.
However, the headline loss does not tell the full story.
SJM’s Adjusted EBITDA increased 3.3% to HK$1.70 billion, while its EBITDA margin improved by 3.5 percentage points to 14.7%, suggesting better operating efficiency despite higher customer reinvestment and cost pressures.
Core Properties Continue to Grow
Performance across SJM’s major properties remained positive:
- Grand Lisboa Palace GGR rose 12.9% to HK$3.32 billion.
- Grand Lisboa GGR increased 7.1% to HK$3.84 billion.
- SJM’s other Peninsula properties recorded 85.7% GGR growth to HK$4.93 billion, helped by Casino L’Arc Macau and the expanded Casino Lisboa gaming area.
Grand Lisboa Palace also saw rolling volume increase 16.9%, reflecting improving VIP activity following targeted product and customer-experience initiatives.
What Management Says
Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts, described the first half as the completion of a major structural transition as SJM moved its entire portfolio under direct management.
She said the new structure has given SJM greater control over customer experience, costs and earnings quality, with improvements already becoming visible in operating performance and margins.
Looking ahead, Ho said SJM will continue sharpening the individual positioning of its properties, improving its offerings and targeting specific customer segments to strengthen loyalty and long-term performance.
A Transition Year Rather Than Simply a Weak Half
SJM’s 1H26 numbers need to be viewed in the context of a very different operating structure.
The disappearance of satellite casino revenue makes the year-on-year topline comparison look significantly weaker. More important may be whether customers previously served by satellite casinos can gradually be redirected into SJM’s own properties.
There are early signs of that happening, particularly across the Macau Peninsula.
SJM has expanded Casino Lisboa’s Crystal Palace gaming area, increased gaming capacity at Grand Lisboa Palace and completed refurbishment work on around 400 Hotel Lisboa rooms as it builds a more concentrated portfolio.
The bigger picture: SJM may be smaller in terms of the number of casinos it operates, but it now has much greater control over where customers play and how those customers are managed.
The key test for the second half of 2026 will therefore be whether stronger GGR at its core properties can translate into sustained EBITDA growth and eventually improved bottom-line profitability.