SJM Holdings (SJM) reported 1H26 net revenue of HKD 11.59 billion, down 20.8 % year-on-year, as gaming income contracted. Net gaming revenue fell 22.5 % to HKD 10.56 billion, while non-gaming revenue slipped 1.1 % to HKD 1.03 billion.
Adjusted EBITDA edged up 3.3 % to HKD 1.70 billion, lifting the margin to 14.7 % from 11.2 % a year earlier. Nevertheless, loss attributable to shareholders increased to HKD 295 million (1H25: HKD 182 million), translating into a basic loss per share of HKD 0.041.
Market share and property mix • SJM captured 9.8 % of Macau’s gross gaming revenue, comprising 12.3 % of the mass-market segment and 4.2 % of VIP.
• Grand Lisboa Palace Resort Macau generated revenue of HKD 3.94 billion (up 8.6 %), but Adjusted Property EBITDA contracted to HKD 22 million (1H25: HKD 82 million) after a 5.2 percentage-point drop in occupancy to 92.9 %.
• Grand Lisboa Macau delivered HKD 4.01 billion in revenue (up 6.6 %) with Adjusted Property EBITDA stable at HKD 860 million. Hotel occupancy remained high at 98.0 %.
• “Other Properties” – including Casino Lisboa, Casino Oceanus at Jai Alai, Jai Alai Hotel, Kam Pek Market, L’Arc Macau and Ponte 16 – more than doubled revenue to HKD 5.17 billion and lifted Adjusted Property EBITDA 44.2 % to HKD 939 million, reflecting the transition to a direct-management model.
Balance-sheet highlights • Cash, bank balances, short-term and pledged deposits totalled HKD 3.49 billion at 30 June 2026. Gross debt stood at HKD 30.22 billion, comprising HKD 18.35 billion in bank loans, HKD 9.86 billion in senior notes and convertible bond liabilities of HKD 1.81 billion.
• Net debt increased to circa HKD 26.73 billion, pushing the gearing ratio to 56.2 % (31 December 2025: 54.4 %).
• Undrawn revolving credit capacity amounted to HKD 2.35 billion under the HKD 22.4 billion syndicated facilities.
Capital commitments totalled HKD 504 million, mainly for Macau tender projects, while pledged assets amounted to HKD 34.04 billion in property and equipment and HKD 1.62 billion in right-of-use assets.
Operational initiatives and outlook Management is prioritising cost discipline and asset-productivity upgrades following full transition to direct casino management. Key measures include expansion of gaming space at Hotel Lisboa Macau, refurbishment of Grand Lisboa villas, re-configuration of Grand Lisboa Palace’s gaming floors and enhancement of premium-customer offerings.
Grand Lisboa Palace strengthened its culinary and MICE profile, securing two new Michelin stars, fourteen Forbes Five-Star ratings and the Travel + Leisure “Best Integrated Resort in Asia-Pacific” award.
Dividend The board declared no interim dividend for 1H26.
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