SJM Holdings reports a net loss of HK$62 million ($7.9 million) for the Q1 of 2026. Compared to a net gain of FY 2025, which was HK$31 million ($4 million) recorded in the same period. The result came as the lack of investment in satellite casinos was fully felt after the closure of those operations in December 2025.
SJM Holdings gross gaming revenue fell by 18.8% year-on-year to HK$6.14 billion ($784 million). Furthermore, net gaming revenue was HK$5.36 billion ($685 million), down 22.8%, while net income fell to HK$5.9 billion ($754 million), or a 21.1% decrease.
The Adjusted EBITDA fell by 4.3% compared to last year to HK$917 million ($117 million). Even after the downturn, the group’s adjusted EBITDA margin increased to 15.5%, up from 12.8% the previous year.
According to Daisy Ho, Chairman and Managing Director at SJM Holdings Limited and SJM Resorts, S.A., the first complete quarter of the self-promoted model had very rigid operational discipline and improved efficiencies substantially. In addition, Ho added that this increase in Adjusted EBTIDA margin was due to optimizing the operating model by transitioning from a satellite operating model. Finally, she stated that the company will continue to focus on optimizing the portfolio and enhancing the overall guest experience.
In the quarter, Grand Lisboa Palace Resort Macau achieved great momentum with their Cotai flagship generating a total of HK $2.07 billion ($264 million), which represents an increase of 7.2% over 2021. In the same period, GGR was HK $1.75 billion ($224 million), an increase of 11.7%, and Non-Gaming revenue was HK $318 million ($40.6 million).
