SJM Holdings reports first-quarter loss after satellite casino closures

The Macau gaming operator posted a net loss of US$7.9m.

Macau.- SJM Holdings has reported a net loss attributable to shareholders of HK$62m (US$7.9m) for the first quarter of 2026. That compares to a profit of HK$31m (US$3.9m) during the same period last year. The results were mainly affected by the absence of revenue from satellite casinos following the closure of the venues last year.

Group-wide gross gaming revenue (GGR) fell 18.8 per cent year-on-year to HK$6.14bn (US$784m), while net revenue declined 21.1 per cent to HK$5.9bn (US$752m). SJM’s market share in Macau dropped from 13.5 per cent to 9.6 per cent following the closure of the satellite venues.

Adjusted EBITDA was HK$917m (US$117m), down 4.3 per cent from the prior-year period. The adjusted EBITDA margin improved from 12.8 per cent to 15.5 per cent.

Daisy Ho, chairman, said the transition away from the satellite casino model helped create a “more streamlined and synergistic operating structure.” She added that the company remains focused on property upgrades and improving the guest experience to create long-term value.

One of the strongest performers during the quarter was Grand Lisboa Palace Resort Macau, which recorded a 7.2 per cent increase in revenue to HK$2.07bn (US$264m). The property’s GGR rose 11.7 per cent year-on-year, supported by growth in the VIP segment. However, the resort’s adjusted property EBITDA fell 61.1 per cent to HK$58m (US$7.4m) due to higher operating costs. Hotel occupancy slipped slightly from 98.7 per cent to 94.6 per cent. 

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The Macau gaming operator posted a net loss of US$7.9m. Macau.- SJM Holdings has reported a net loss attributable to shareholders of HK$62m (US$7.9m) for the first quarter of 2026. That compares to a profit of HK$31m (US$3.9m) during the same period last year. The results were mainly affected by the absence of revenue from…