SJM Holdings posted a net loss of $37.8 million in the first half of 2026, 62% wider than a year earlier, driven by depreciation and financing costs. Net revenue fell 20.8% to $1.49 billion, gaming revenue dropped 22.5% to $1.35 billion. Adjusted EBITDA rose 3.3% to $218 million, with margin up 3.5 percentage points to 14.7%.
The period marked the first full half-year since the closure of satellite casinos in December 2025. Those properties once contributed revenue; now SJM operates only its own floors directly. Group GGR declined 18.5% to $1.55 billion, and the operator's Macau market share fell from 12.9% to 9.8%. Peninsula casinos recorded combined GGR growth of 85.7%, supported by the expanded gaming area at Casino Lisboa and the contribution of Casino L'Arc Macau.
Daisy Ho, chairman of SJM Holdings, described the period as the completion of a structural transformation that gives the group control over customer experience and costs across the portfolio. Tables and resources from former satellites were reallocated to owned properties. Grand Lisboa Palace added tables and opened new VIP zones; the resort's GGR climbed 12.9%, but adjusted EBITDA fell from $10.5 million to $2.8 million due to restructuring costs and customer reinvestment. Grand Lisboa Macau posted GGR growth of 7.1%, with EBITDA steady at $110 million.
As of 30 June, SJM held $447 million in cash and $3.87 billion in debt. Ho said the company will continue differentiating its properties and strengthening its position in target customer segments.
