SJM Holdings Reports Widening Losses as Macau Revenue Declines

SJM Holdings’ Q3 results reveal a continuing downturn in Macau gaming revenue, resulting in a significantly wider loss compared to the same period last year. Net gaming revenue fell 27.2% year-over-year to HK$4.758 billion, and the company reported a loss attributable to owners of HK$397 million, a sharp reversal from the HK$9 million profit recorded in Q3 2025.

While the Adjusted EBITDA margin improved to 13.3% from 12.5% the year prior, the overall Adjusted EBITDA decreased 12.5% to HK$705 million. This margin improvement was not enough to offset the decline in revenue, indicating cost control measures were partially effective but insufficient to maintain profitability. The underperformance of Grand Lisboa Palace Resort Macau was a key driver of the company’s difficulties; the property’s Adjusted Property EBITDA fell to a negative HK$38 million in Q3, a significant drop from HK$111 million in the same period last year.

The broader trend of declining revenue is also evident in the year-to-date figures. For the nine months ended September 30, 2026, total net gaming revenue decreased by 24.0% to HK$15.318 billion, and the loss attributable to owners widened to HK$692 million from HK$173 million in the prior year. This downturn comes after SJM ended its satellite casino operations in 2025, a strategic shift that, while intended to streamline operations, has demonstrably reduced revenue.

As of September 30, 2026, SJM Holdings held HK$3.141 billion in cash and bank deposits but also carried HK$29.998 billion in debt. The company’s ability to navigate this debt load will be closely watched as it attempts to revitalize performance at Grand Lisboa Palace and adapt to the evolving Macau gaming landscape. The continued revenue decline, combined with a heavy debt burden, paints a challenging picture for SJM Holdings despite the marginal improvement in EBITDA margin.