SJM Resorts, S.A. reported a year-on-year increase in gaming revenues across all of its properties in the six months to 30 June 2026, although increased costs linked to player reinvestment and the transition to a new operating model saw group-wide loss widen.
The first half of this year represented the first full reporting period under a direct management model following the closure of SJM’s last remaining satellite casino in December. Without the contribution of those satellites, GGR fell 18.5% year-on-year to HK$12.1 billion (US$1.54 billion) and total net revenue by 20.8% to HK$11.6 billion (US$1.48 billion). Net loss attributable to owners of the company also widened from HK$182 million (US$23.2 million) in 1H25 to HK$295 million (US$37.6 million).
However, Adjusted EBITDA for the period grew by 3.3% year-on-year to HK$1.70 billion (US$217 million), with the company highlighting a 3.5 percentage point improvement in EBITDA margin to 14.7%.
“The first half of 2026 marked the completion of a significant structural transition for the Group as we assumed direct management of our entire portfolio,” said Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A.
“This has strengthened our control over customer experience, cost structure and earnings quality across our properties, with the benefits already reflected in our operating performance and margin expansion.
“For the remainder of the year, we remain focused on enhancing the distinct positioning of our properties, further elevating our offerings, and strengthening our appeal across targeted market segments. Through disciplined execution of these initiatives, we aim to deepen customer loyalty, improve portfolio performance and support sustainable long-term growth.”
By property, Grand Lisboa Palace Resort Macau in Cotai recorded a 12.9% year-on-year increase in GGR to HK$3.32 billion (US$424 million), aided by a 16.9% rise in rolling volume. SJM said this reflected continued improvement in the VIP segment following the implementation of targeted product and customer-experience enhancements.
Despite the revenue growth, Adjusted Property EBITDA decreased to HK$22 million (US$2.8 million) as restructuring-related costs following the satellite casino closures, increased customer reinvestment to support retention and market-wide cost inflation offset the revenue gains.
At peninsula property Grand Lisboa, GGR was up 7.1% year-on-year to HK$3.84 billion (US$426 million) with Adjusted Property EBITDA flat at HK$860 million (US$110 million), while SJM’s other peninsula properties – comprising former satellite L’Arc Macau, the expanded gaming area at Casino Lisboa, and Casino Oceanus at Jai Alai – seeing aggregate GGR soar by 85.7% year-on-year to HK$4.93 billion (US$629 million).
In its 1H26 results release, SJM said it anticipates further improvement in the near-term following the expansion of capacity and enhancement of its product offering on the Macau peninsula in the wake of the satellite casino closures.
This has included the opening of the second phase of the Crystal Palace gaming area at Casino Lisboa on 10 August 2026, while refurbishment of approximately 400 hotel rooms owned by the company’s controlling shareholder STDM has also been completed.
“Subject to statutory inspection and approval, the availability of refurbished rooms to the Group under its existing hotel accommodation continuing connected transaction arrangements is expected to strengthen the accommodation offering of the Peninsula portfolio,” SJM said.
“At Grand Lisboa Macau, the refurbishment of the deluxe villas and mansion is expected to be completed ahead of the 2027 Lunar New Year. Meanwhile, the opening of Lisboa Square in April 2026 introduced five new dining concepts with a strong Asian focus, while the renovation of the Grand Ballroom has also been completed. Collectively, these initiatives are expected to enhance the overall guest experience, increase cross-property visitation and strengthen the Peninsula portfolio’s ability to capture a greater share of customer spending.”
