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SJM Holdings recorded a net loss attributable to its equity holders of HK$62 million or $7.9 million for the first quarter of 2026, compared to a net gain of HK$31 million or $4 million recorded in the same period in the previous year. The result came as the absence of satellite casino contributions was fully felt after those operations exited in December 2025.
Despite the weak sales performance, SJM Holdings indicated that Adjusted EBITDA did not deteriorate much due to its newly adopted self-operating strategy. This is evidenced by the improved margins, which indicate that it is beginning to shift the company’s operating strategy into a more profitable direction after moving away from the satellite framework.
Revenue Falls After Exit
Its gross gaming revenue fell by 18.8% from last year to HK$6.14 billion, equivalent to $784 million. Furthermore, the net gaming revenue was reported at HK$5.36 billion or $685 million, down by 22.8%, whereas the net revenue fell to HK$5.9 billion, which is $754 million or a decrease of 21.1%. Its market share also slipped from 13.5% to 9.6%.
The Adjusted EBITDA fell by 4.3% compared to last year to HK$917 million or $117 million. However, even after the fall, the group’s Adjusted EBITDA margin rose to 15.5% from 12.8% last year. The figures point to a business that is operating with a leaner structure even as it works through the revenue loss tied to the end of the satellite model.
Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A., said the first full quarter under the self-promoted model showed rigorous operational discipline and a significant improvement in efficiency. Additionally, Ho mentioned that this rise in Adjusted EBITDA margin was because of the optimized operating model due to moving away from the satellite model. She finished by stating that the company will continue prioritizing portfolio optimization and enhanced guest experience.
Grand Lisboa Palace Ramps Up
Grand Lisboa Palace Resort Macau continued to build momentum during the quarter. The Cotai flagship generated total revenue of HK$2.07 billion, or $264 million, up 7.2% year-on-year. Its GGR increased 11.7% to HK$1.75 billion, or $224 million, while non-gaming revenue reached HK$318 million, or $40.6 million.
Rolling chip volume at the property rose 26.5% year-on-year to HK$14.18 billion, or $1.81 billion. Rolling revenue climbed 32.7% to HK$580 million, or $74.1 million, which the company said reflected continued improvement in the VIP segment following targeted enhancements. Even so, Adjusted Property EBITDA at Grand Lisboa Palace fell 61.1% year-on-year to HK$58 million, or $7.4 million, mainly because of higher operating costs.
Hotel occupancy at the Cotai resort edged down to 94.6% from 98.7% a year earlier. The property’s growth in revenue came with lower profitability at the property level, underscoring the cost pressure that accompanied the ramp-up phase.
Mixed Performance of the Portfolio
Grand Lisboa Macau also showed steady performance for the quarter. Total revenue from this casino property stood at HK$2 billion or $256 million, while its GGR increased 6.7% year-on-year to reach HK$1.92 billion or $245 million. The adjusted Property EBITDA for Grand Lisboa Macau totaled HK$425 million or $54.3 million in the reported quarter compared with HK$440 million or $56.2 million seen one year earlier.
The portfolio that comprises Casino Lisboa, Casino L’Arc Macau, and Casino Oceanus at Jai Alai saw better performance. It demonstrated 83.6% year-over-year increase in GGR to stand at HK$2.47 billion or $315 million. The company said the result was supported by the expanded gaming area at Casino Lisboa and contributions from Casino L’Arc Macau after its integration into the self-operated portfolio. Adjusted Property EBITDA for the segment increased 44.4% to HK$494 million, or $63.1 million.
Source: Asia Gaming Brief
