SJM Holdings Reports HK$397 Million Loss in Q3 2026 on Macau Headwinds and Renovations

SJM Holdings reported a HK$397 million (US$50.6 million) loss for the three months ended 30 September 2026. The Macau concession holder fell back into the red after booking a slight HK$9 million (US$1.1 million) profit during the same quarter last year. The 3Q26 loss was also significantly wider than losses of HK$62 million and HK$233 million recorded in the first and second quarters of 2026 respectively.

Excluding satellite casinos closed under government mandate at the end of 2025, gross gaming revenue rose 13.5% year-on-year to HK$5.44 billion (US$693 million). Including prior satellite contributions, GGR fell 23.9%, as detailed by Inside Asian Gaming. The operator cited macroeconomic headwinds and the football World Cup as factors that pressured revenues across Macau.

Daisy Ho, Chairman of SJM Holdings and Managing Director of SJM Resorts, S.A., stated that the quarter reflected softer conditions and renovation activity. “The third quarter was marked by softer market conditions and the temporary impact of renovation works across our portfolio,” she said. The company noted disciplined cost management helped limit the damage.

Quarterly Metrics and Sequential Trends

Adjusted EBITDA fell 20.0% to HK$705 million (US$89.9 million), yet the margin expanded 0.8 percentage points to 13.3%. GGR declined 8.6% from the prior quarter. Market share stood at 9.3% versus 11.8% a year earlier, with the year-on-year figure affected by last year’s satellite operations.

Property Performance and Upgrade Timelines

Grand Lisboa Palace Resort Macau generated GGR of HK$1.37 billion (US$175 million), down 13.4% year-on-year, while non-gaming revenue rose to HK$344 million (US$43.9 million). The property posted an Adjusted Property EBITDA loss of HK$38 million (US$4.8 million). At Grand Lisboa, GGR fell 9.4% to HK$1.73 billion (US$221 million) and non-gaming revenue dropped 16.0% to HK$79 million (US$10.0 million). Refurbishments of deluxe villas and the mansion remain on track for completion ahead of the 2027 Lunar New Year, after which room capacity will be approximately 12% higher.

Casino Lisboa, Casino Oceanus at Jai Alai and Casino L’Arc Macau, together with related operations, produced total revenue of HK$2.45 billion (US$312 million), up 77.4% year-on-year, and Adjusted Property EBITDA of HK$438 million (US$55.8 million), up 46.0%. These assets provided the main earnings momentum during the period.