SJM Holdings reported total net revenue of HK$5.90bn for the first quarter of 2026, down 21.1% year over year, reflecting the full absence of satellite casino contributions following their exit in December 2025.
Gross gaming revenue reached HK$6.14bn, a decrease of 18.8% from the prior year, while net gaming revenue declined 22.8% to HK$5.36bn. The reduction led to market share adjusting to 9.6%, compared with 13.5% in the same quarter last year.
Despite lower topline performance, Adjusted EBITDA remained relatively resilient at HK$917m, down 4.3% year over year. Importantly, the Adjusted EBITDA margin expanded to 15.5% from 12.8%, reflecting improved cost discipline and more streamlined operations following the company’s transition to a fully self-managed model.
Loss attributable to owners of the company totaled HK$62m, compared with a profit of HK$31m in the prior-year period.
At Grand Lisboa Palace Resort Macau, total revenue amounted to HK$2.07bn, with gaming revenue increasing 11.7% year over year to HK$1.75bn. Rolling chip volume rose 26.5%, signaling continued recovery in the VIP segment. However, Adjusted Property EBITDA fell to HK$58m due to higher operating expenses. Hotel occupancy stood at 94.6%, reflecting a disciplined reinvestment approach.
Grand Lisboa Macau generated total revenue of HK$2bn, with gaming revenue up 6.7% to HK$1.92bn. Adjusted Property EBITDA reached HK$425m, slightly below the previous year’s HK$440.0m, while hotel occupancy remained strong at 97.7%.
Other properties, including Casino Lisboa and Casino L’Arc Macau, delivered significant gains, with gaming revenue surging 83.6% year over year to HK$2.47bn. Adjusted Property EBITDA for this segment increased 44.4% to HK$494.0m, driven by expanded gaming areas and operational restructuring.
As of March 31 2026, the group held HK$3.40bn in cash and bank balances against HK$30.20bn in debt, with HK$3.40bn available under its revolving credit facilities.
Cash and bank balances stood at HK$3.40bn as of March 31 2026
