SJM Holdings H1 Loss Widens to HK$295M, No Interim Dividend
SingTao · 1 SOURCESabout 1 hour ago5 MIN
Summary
SJM Holdings Limited (HKEX: 880) announced its first-half 2026 financial results on Thursday, reporting a shareholder-attributable loss of HK$295 million (approximately RMB 272 million), representing a 61.7% widening from the same period last year . The loss per share stood at 4.1 Hong Kong cents, with the board declaring no interim dividend. However, the company's adjusted EBITDA improved 3.3% year-over-year to HK$1.701 billion, while total net revenue fell 20.83% to HK$11.59 billion .
Key Points
- SJM Resorts (澳娛綜合) captured 9.8% of Macau's total gross gaming revenue (GGR), with mass-market share declining 2.8 percentage points to 12.3%
- VIP gaming market share increased 0.6 percentage points to 4.2% over the same period
- Grand Lisboa (新葡京) generated GGR of HK$4.01 billion, including gaming GGR of HK$3.838 billion (up 7.1%) and non-gaming revenue of HK$172 million (down 3.4%)
- Grand Lisboa Palace (上葡京) posted GGR of HK$3.938 billion with gaming GGR of HK$3.315 billion, up 13% year-over-year, though adjusted property EBITDA dropped 73.2% to HK$22 million
- Lisboa Crystal Palace Casino Phase 2 opened on August 10, with approximately 400 renovated Lisboa hotel rooms awaiting final inspection for use under connected transaction arrangements
Why It Matters
The transition to direct casino operations marks a strategic inflection point for SJM Holdings as it seeks to streamline management and improve profit quality . The divergence between improving EBITDA and widening net losses highlights ongoing challenges from declining non-gaming revenue and occupancy rates amid intense competition in Macau's casino sector. The planned expansion of gaming tables and new gaming areas at Grand Lisboa Palace, due for completion before Chinese New Year 2027, signals SJM's commitment to regaining market share in the mass-market segment.
The transition to direct casino operations marks a strategic inflection point for SJM Holdings as it seeks to streamline management and improve profit quality . The divergence between improving EBITDA and widening net losses highlights ongoing challenges from declining non-gaming revenue and occupancy rates amid intense competition in Macau's casino sector. The planned expansion of gaming tables and new gaming areas at Grand Lisboa Palace, due for completion before Chinese New Year 2027, signals SJM's commitment to regaining market share in the mass-market segment.