Macau operator SJM Holdings posted an 18.5% revenue decline for the first half of 2026, down to HK$12,084m. The drop reflects the absence of contributions from satellite casinos, which the company no longer operates. SJM's market share stood at 9.8%.
Adjusted EBITDA rose 3.3% to HK$1,701m despite cost inflation and high reinvestment across Macau. Management attributed the gain to operational efficiency improvements following restructuring.
Peninsula surge, pressure on Grand Lisboa Palace
Peninsula properties showed sharp growth after restructuring. Combined GGR for Casino L'Arc Macau, the expanded Casino Lisboa gaming floor and Casino Oceanus at Jai Alai jumped 85.7% year-on-year to HK$4,931m. Grand Lisboa Macau GGR rose 7.1% to HK$3,838m, with hotel occupancy at 98%.
Grand Lisboa Palace Resort Macau posted revenue growth of 12.9% with GGR of HK$3,315m, but adjusted EBITDA for the property fell to HK$22m. The decline stemmed from restructuring costs after satellite closures, intensified customer-retention spending and general cost inflation.
SJM chief executive Daisy Ho said the company has completed the transition to direct management of its full portfolio. In August, the second phase of the Crystal Palace gaming area opened at Hotel Lisboa Macau, and refurbishment of around 400 rooms was completed. Grand Lisboa Palace added tables using resources from former satellites, opened the Sky Phoenix West Tower VIP zone and repositioned Dragon Pavilion for premium mass. The company is focused on improving asset yield and strengthening its position in Macau's downtown segment.
