SJM Holdings posted a net loss of HK$295 million (US$37.8 million) for the first half of 2026, 61.7% wider than a year earlier. Adjusted EBITDA rose 3.3% to HK$1.70 billion (US$218 million) and the adjusted EBITDA margin gained 3.5 percentage points to 14.7%. The Macau operator blamed the bigger loss on higher depreciation and interest costs.
Group revenue fell 20.8% to HK$11.59 billion (US$1.49 billion), with gaming revenue down 22.5% to HK$10.56 billion (US$1.35 billion). SJM closed all of its satellite casinos in December 2025 and now runs the whole portfolio directly, so the two periods do not line up: a year ago the satellites were still bringing in money. Total GGR dropped 18.5% to HK$12.08 billion and SJM's share of Macau GGR slipped to 9.8% from 12.9%.
Peninsula properties untouched by the closures lifted GGR 85.7%, helped by the enlarged Casino Lisboa floor and the launch of Casino L'Arc Macau. Grand Lisboa Palace grew GGR 12.9% and revenue 8.6%, with rolling volume up 16.9%, while its adjusted EBITDA fell to HK$22 million from HK$82 million on restructuring costs and heavier investment in players. Grand Lisboa Macau added 7.1% in GGR with EBITDA flat at HK$860 million. Casino Lisboa, Casino L'Arc Macau and Casino Oceanus together raised EBITDA 44.2% to HK$939 million.
Chair Daisy Ho called the half the completion of a structural transition. Tables were shifted from the former satellites into the company's own properties and the VIP and premium-mass areas at Grand Lisboa Palace were expanded. Cash stood at HK$3.49 billion at the end of June against HK$30.22 billion of debt.
