SJM Holdings reported an 18.8% year-on-year decline in gross gaming revenue to HK$6.14 billion (US$784 million) and a 21.1% fall in total net revenue to HK$5.90 billion (US$753 million) in 1Q26, reflecting the full absence of satellite casino contributions following their closure in December 2025.
The company also fell to a net loss of HK$61 million (US$7.8 million) from a HK$31 million (US$4.0 million) profit a year earlier, although Adjusted EBITDA of HK$917 million (US$117 million) was only 4.3% lower year-on-year. Adjusted EBITDA margin improved by 2.7 percentage points to 15.5%, even as the loss of satellites saw Macau market share drop from 13.5% in 1Q25 to just 9.6%.
“In our first full quarter under a self-promoted model, the Group has demonstrated rigorous operational discipline characterised by a significant improvement in efficiency,” said Daisy Ho, Chairman of SJM Holdings Limited and Managing Director of SJM Resorts, S.A.
“As we transitioned away from the satellite model, the resulting increase in our Adjusted EBITDA margin reflects a more streamlined and synergistic operating structure. We will remain focused on completing our property enhancements and ensure a superior guest experience in order to create long-term value for our shareholders.”
SJM added in its results release that the margin growth indicates successful resource optimization that has elevated profitability following the transition to self-managed operations.
It also said that its various peninsula properties have demonstrated solid momentum post-restructuring, with further product enhancements being progressively implemented
While the loss of satellites was felt in 1Q26, SJM’s flagship Cotai resort Grand Lisboa Palace Resort Macau posted an 11.7% year-on-year increase in GGR to HK$2.07 billion (US$264 million), with rolling volume up 26.5% year-on-year. This, the company said, reflected continued improvement in the VIP segment following targeted enhancements.
Despite this, Adjusted Property EBITDA declined from HK$149 million (US$19.0 million) to HK$58 million (US$7.4 million) due to higher operating costs.
At Grand Lisboa, GGR grew 6.7% to HK$1.92 billion (US$245 million) for the quarter, while Adjusted Property EBITDA fell slightly to HK$425 million (US$54.2 million).
Other properties, comprising Casino Lisboa, Casino L’Arc Macau and Casino Oceanus at Jai Alai, delivered far stronger performance with GGR rising 83.6% year-on-year to HK$2.47 billion (US$315 million) – mainly attributable to the contribution from the expanded gaming area at Casino Lisboa and the contribution from Casino L’Arc Macau.
Including hotel and F&B operations, total revenue of the other properties reached HK$2.60 billion (US$332 million) with Adjusted Property EBITDA up 44.4% to HK$494 million (US$63.1 million).
